5

It looks like Congress made substantial progress towards passing the Financial Reform Bill today, but I really know very little about what is actually in it, and what I do know seems very complex.

For anyone on the site who is in-the-know about the finance industry or this legislation, I'd like to know this.

What direct effects should the average American expect if this passes. I'm not so much interested in the macro effects like deficit reduction/increase, rules on bank mergers, etc., but rather what will change for me as an individual, if anything. For example, the last time around banks had to get an opt-in from me to continue overdraft protection.

Anyone know?

5

The Wall Street Journal says in its "For Consumers" section of its infographic:

  • it increases FDIC insurance amounts to $250,000 (making a temporary increase permanent)
  • it makes lenders verify income, credit history, and job status before selling a mortgage, and also "bans payments to brokers for steering borrowers to high-priced loans"

There's also some new agencies (including a "consumer watchdog agency"), and some new rules the SEC can implement, and it lets state pass more laws affecting national banks, but it doesn't look like there's much in particular that it does for consumers right away.

Source - http://online.wsj.com/article/SB10001424052748704569204575329211031691230.html

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.