Already, the GOP has a lengthy, bank-friendly to-do list.

The coming term should bring scores of oversight hearings into the implementation of new rules governing financial institutions. There will be scuffles over control of a new consumer financial protection agency. And lawmakers will debate how to restructure the quasi-governmental mortgage agencies Fannie Mae and Freddie Mac – which retain a major role in the current housing crisis.

All are issues that Bank of America, Wells Fargo and other large banking institutions will pay close attention to.