Bank lawyers see Trump changes soon to Dodd-Frank financial rules

One potential model for revamping the law is a bill introduced this summer by Rep. Jeb Hensarling (R., Texas), chairman of the House Financial Services Committee. The bill would make various changes to the law but not scrap it entirely.

Alan Kaplinsky, a financial services lawyer at Ballard Spahr, said he expects that even the CFPB, much disliked by Republicans, probably will survive, although in an altered fashion.

"Let's not forget how he got elected," Kaplinsky said of Trump. "He is a populist and I would think that a lot of his constituents want to have a federal agency devoted to consumer protection. I think it would be almost unfathomable for them to get rid of it."