The historic result of Tuesday’s presidential election created rippling reactions throughout the financial services community, with many organization leaders looking forward to working with President-elect Donald Trump and a Republican-led Congress.

“I would say that just like the rest of the country, I was quite surprised by the results. The prognosticators in the media were really off. They didn’t seem to be tuned in to the realities of the electorate,” said Jack Tracey, executive director of the National Automotive Finance Association, which is a part of the upcoming SubPrime Forum that’s presented by Digital Recognition Network at Used Car Week.

“My reaction as an industry representative, now with a Republican president and both houses of Congress being Republican, I think there can be some legitimate constraints on the CFPB and their somewhat arbitrary rulings as well as a check and better oversight of that agency now,” Tracey continued during a brief conversation with SubPrime Auto Finance News. “I think that will be good for the industry because the industry can begin to deal with the agency not in a defensive mode but in a constructive mode.”

SubPrime Auto Finance News also reached Chris Stinebert, who is president and chief executive officer of the American Financial Services Association (AFSA). Stinebert is on tap to deliver the keynote presentation during a joint session of the SubPrime Forum and the Re3 Conference on Wednesday morning during Used Car Week at the Red Rock Resort in Las Vegas.

“Yesterday, the nation voted for change in Washington,” Stinebert said. “The election of Donald Trump along with majorities in the House and Senate foreshadow a major transformation of power which will impact everything from the composition of the Supreme Court to financial services.

“Auto dealers can anticipate new disruptions to their business — both good and bad,” he continued. “The impact of the election on federal and state regulations and enforcement on the used-car industry will be addressed at next week’s gathering.”

Leadership of the Consumer Bankers Association (CBA) took a similar position as the NAF Association and AFSA regarding the outcome of the 2016 presidential election.

“With a new president-elect and changes to the House and Senate, government and industry leaders have a chance to find workable solutions on issues most important to consumers,” CBA president and chief executive officer Richard Hunt said. “This is especially true for banking issues, as a strong banking sector is critical to a strong economy.

“CBA congratulates President-elect Donald Trump and will remain focused on working with members of congressional committees and federal agencies key to the financial services industry on our priorities, including a five-person, bipartisan commission at the Consumer Financial Protection Bureau; common sense policies to help banks innovate in the 21st century; and improving the regulatory environment so banks may continue to meet consumer needs,” Hunt continued.

“We encourage President-elect Trump to appoint experts willing to collaborate with industry counterparts from the retail banking industry,” he went on to say. “When we work together and consider all sides of the argument, we put people over partisan politics and stand a chance at strengthening the economy for all American consumers.”

Another leader in the banking sector also offered his cheers for Trump’s victory.

​“We congratulate Donald Trump on his election as the 45th president of the United States and all other winners of last night’s election. ABA is eager to work with the new administration and the 115th Congress to achieve our shared goals for a vibrant and growing economy. American Bankers Association president and CEO Rob Nichols said.

“We call on the administration and Congress to come together and work for the common good,” Nichols continued. “We look forward to working with members of both parties on policy solutions that will allow banks to help accelerate economic growth, create jobs, better serve their local communities, and help their customers and clients succeed.”

The Financial Services Roundtable, which claims to represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer, is urging Trump to act swiftly to enact policies to improve the economy, grow good-paying jobs, encourage innovation, and protect both consumers and taxpayers.

“Our country faces big challenges, but it also has incredible opportunities for innovation and growth that will provide a brighter future for people who need hope and help,” said FSR chief executive officer Tim Pawlenty, who previously made a run for the White House. “The new administration and Congress should enact policies that grow the economy, spur innovation, protect both consumers and taxpayers, add good-paying jobs, and help more Americans reach their financial goals.” 

FSR advocates before policymakers in Washington and is a non-partisan organization that does not endorse any candidate or political party. FSR’s priorities for 2017 include:

—FinTech policy and collaboration

—Federal regulatory transparency

—Housing finance reform

—Tax reform

—Cybersecurity

—Trade

—Retirement Security Policy

—Insurance capital standards and flood insurance

Stifel Nicolaus chief economist Lindsey Piegza shared her assessment from the perspective of the customers who might already hold vehicle installment contracts or who are scouring vehicle inventory considering a purchase.

“Shock. Shock was the general tone of the media and the talking heads in reaction to last night's presidential election resulting in a conclusion opposite of the national polls,” Piegza said. “Now many have long assigned a level of legitimacy to national polls equivalent to those calling for Punxsutawney Phil to see his shadow, but coupled with the lack of predictive power ahead of the Brexit, (Tuesday night’s) Republican victory, for many, at least at this point, renders national polls virtually worthless.

“Polling legitimacy aside, the American people have spoken, electing Donald Trump, a Washington outsider, the 45^th American president. In an electoral vote 276 to 218, the policies of the past propelled voters to the polls in search of an anti-establishment platform in what many are calling a ‘stunning victory,’” she continued. “In other words, Trump now faces a heightened expectation of change and progress against the backdrop of stagnant economic activity, waning income growth and a growing divergence among ‘class lines.’”