Leadership of the Senate and Consumer Financial Protection Bureau (CFPB) will help define what a Biden administration means for Americans’ credit, CUNA Chief Advocacy Officer Ryan Donovan told CNBC Select recently.

President-elect Joe Biden is expected to replace current CFPB Director Kathy Kraninger, but his nominee must be confirmed by the Senate.

Under a Democrat-controlled Senate, Donovan noted a new appointee would “take a very keen eye toward the regulations of credit cards and lending in general.”

This could result in a regulatory environment with more protections in place, but strict regulations could also affect the availability of credit.

“If you make it more difficult or more expensive for the lender, it becomes that for the consumer,” Donovan says. “Lenders will reduce availability of credit, which tends to hurt borrowers on the lower end of the scale.”