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The financial services, banking and housing industries have been reeling in recent months since the mortgage and lending crisis sent the economy into a tailspin. Congress has made easing the foreclosure turmoil a legislative priority this year.

And the fallout from the crisis will continue to dominate the Congressional agenda in 2009, putting many of those industries’ lobbyists in the hot seat.

Changes could come in the guise of stepped-up consumer protections and sweeping new regulatory proposals for banks, investment houses, insurers and other financial services firms, lobbyists say.

“There will be continuing massive Congressional involvement in the financial services industry, and they will be looking at cures and prevention of what caused this subprime crisis, and I believe they may be placing some blame,” said former Rep. Dan Mica (D-Fla.), who is now president and CEO of the Credit Union National Association, a group that often finds itself at policy odds with banks.

“There will be very direct and riveted action in the financial services community next year,” Mica added. “For those financial services who acted in the gray areas or improperly, there may be a comeuppance.”

Consumer groups will also be at the table, lobbying for new consumer protections on banking regulations, lending policy and credit card fees.

“Our feeling is, at this point at least, there will be a need for consumer protection legislation, and that is one of the things that’s largely been left off the legislative agenda this year,” said Allen Fishbein, director of housing and credit policy at the Consumer Federation of America. “We still think that is necessary to stop the kinds of problems that led to this current foreclosure crisis from happening again.”

Fishbein’s group also will push for something next year that the banking and lending industry vociferously opposes: allowing bankruptcy judges to restructure mortgages for people caught in foreclosures. “We look forward to action in the next Congress,” he said, adding that regardless of whether Congress takes up a new regulatory effort next year, “there needs to be a clearer focus on increased consumer protections within the regulatory structure.”

When it comes to the debate over new regulations, many of the big banks and financial services firms say they welcome the attention.

“Regulatory reform was an issue in and of itself before this liquidity crisis hit,” said Nick Calio, executive vice president of global government affairs for Citigroup. “What has happened in the marketplace over the last 10 months has put the issue really to the fore.”

Calio added, “I think the likelihood of anything happening this year is small and that the issues will be addressed next year.”

Lendell Porterfield, CEO of the banking and financial services lobby firm Porterfield & Lowenthal, agrees that new regulations will be on the horizon.

Noting that some banks, such as Citigroup, have turned to sovereign wealth funds for a bailout, he said, “The question is, how did they get into such a precarious situation in the first place?”

He said he expects more oversight hearings and more scrutiny in the 111th as Congress tries to answer that question.

“What this crisis is showing is that you’re going to be studying the impact for a while and you’re going to have a consumer agenda when it comes to credit cards and lending,” added Porterfield, whose clients include Prudential Financial, MassMutual and the American Bankers Association, among others.

“The financial system is kind of the heart of the economy,” he said. “If you don’t have banks lending money or secondary markets working, your economy stops. So yes, it will be very much part of the Congressional agenda.”