Lawmakers are digging in for a high-stakes battle over the future of financial regulation.

The House Financial Services Committee will hold a hearing Tuesday on the Financial Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (CHOICE) Act, Chairman Jeb Hensarling’s (R-Texas) sweeping rewrite of the Dodd-Frank financial reform law. Republicans have long opposed the law, passed after the last recession, and finally have the power to repeal and change parts of it.

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President Trump promised to “dismantle” Dodd-Frank on the campaign trail, but a full repeal of the law appears increasingly unlikely. Bank and financial firm executives want parts of the law scaled back but aren’t asking lawmakers to abolish it.

Republicans are eyeing changes to how the government monitors major banks for financial risk and have also pushed for measures that subject the Consumer Financial Protection Bureau (CFPB) to greater congressional oversight.

Here are five things to watch as the fight over Dodd-Frank unfolds.

Differences between House and Senate strategies

While Republicans broadly agree on changing Dodd-Frank, the House and Senate committees leading the charge are taking vastly different approaches.

The Financial CHOICE Act is the starting point for efforts coming out of the House Financial Services Committee but is widely considered dead on arrival in the Senate. The bill would drastically cut the power of the CFPB, reduce the frequency of federal stress tests on major banks, change how federal regulators label major banks and increase certain financial crime penalties.

Republicans on the House Financial Services Committee widely support the bill but know it faces a dismal future in the Senate, where any bill to change Dodd-Frank would have to overcome a Democratic filibuster.

The Senate Banking Committee is adopting a different strategy. Chairman Mike Crapo Michael (Mike) Dean CrapoBottom line Davis: The Hall of Shame for GOP senators who remain silent on Donald Trump Top GOP senator urges agencies to protect renters, banks amid coronavirus aid negotiations MORE (R-Idaho) and ranking member Sherrod Brown Sherrod Campbell BrownEmboldened Democrats haggle over 2021 agenda Hillicon Valley: Russia 'amplifying' concerns around mail-in voting to undermine election | Facebook and Twitter take steps to limit Trump remarks on voting | Facebook to block political ads ahead of election Top Democrats press Trump to sanction Russian individuals over 2020 election interference efforts MORE (D-Ohio) are likely to focus on smaller bills that could pass with bipartisan support. Democrats have shown interest in regulatory relief and support for community banks and credit unions, making those likely starting points for bipartisan bills.

Crapo and Brown’s working relationship

Crapo, a staunch conservative, and Brown, a leading progressive, have talked up their close working relationship and willingness to find common ground ahead of the battle over Dodd-Frank. The duo teamed up on a bill to loosen a Dodd-Frank rule on credit card companies and led a Senate Finance Committee tax-reform working group that focused on savings and investment.

Despite their ideological differences, Crapo and Brown’s strong working relationship could help the Banking Committee find common ground on relief for community banks and credit unions, among other bipartisan proposals.

A unified front in the Senate could also influence how far the House pursues a separate strategy, especially with Trump hungry for legislative victories.

Vulnerable Democrats

Three Democrats on the Senate Banking Committee are up for reelection next year in states that Trump won: Sens. Heidi Heitkamp Mary (Heidi) Kathryn HeitkampCentrists, progressives rally around Harris pick for VP 70 former senators propose bipartisan caucus for incumbents Susan Collins set to play pivotal role in impeachment drama MORE (N.D.), Joe Donnelly Joseph (Joe) Simon DonnellyEx-Sen. Joe Donnelly endorses Biden Lobbying world 70 former senators propose bipartisan caucus for incumbents MORE (Ind.) and Jon Tester Jonathan (Jon) TesterPence seeks to boost Daines in critical Montana Senate race This World Suicide Prevention Day, let's recommit to protecting the lives of our veterans Filibuster fight looms if Democrats retake Senate MORE (Mont.).

While Democrats have been largely united in their defense of Dodd-Frank, the vulnerable senators could feel pressure to work with the GOP on efforts to roll back the law.

The Banking Committee is likely several months away from considering Dodd-Frank legislation, so the contours of the election could gear senators toward compromise or confrontation.

The CFPB court challenge

The consumer bureau is facing a major threat in the courts.

A panel for the U.S. Court of Appeals for the District of Columbia Circuit ruled last year that the CFPB’s governing structure is unconstitutional, putting the agency under the authority of the White House.

The case is now under a temporary stay, and it could take a year or more to hold additional arguments.

Even so, the Department of Justice filed a brief against the CFPB, arguing the panel’s decision means CFPB Director Richard Cordray can be fired by the president at will. Hensarling has called on Trump to fire Cordray immediately and expressed frustration with the president’s lack of action so far.

How this case plays out will likely influence the GOP reform efforts.

Trump’s inner circle

Two members of Trump’s inner circle, economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin, have both expressed support for a modern version of the Glass-Steagall Act, a Depression-era law that separated consumer and investment banking.

Cohn and Mnuchin are both Goldman Sachs alumni, and their former investment bank would be better off under a new Glass-Steagall than giant consumer and investment banks like Citigroup and JPMorgan Chase.

Even so, it was a surprising suggestion from the former bankers, as the idea of reinstating Glass-Steagall has mostly been championed by the left.

Cohn and Mnuchin are likely to have the president’s ear as he works with Congress to scale back Dodd-Frank and eyes other changes to financial regulations.