Credit Cards Center Credit cards from our partners
Reply
Valued Contributor
Posts: 2,069
Registered: ‎01-05-2010

The end of the Dodd-Frank Act?

Debt collectors who refuse to identify themselves. Banks that aggressively upsell unwanted credit cards. Mortgage brokers who disregard borrowers' ability to repay loans. Financial advisers who pitch high-fee annuities.

These are some of the financial industry players who have been in the crosshairs of the Consumer Financial Protection Bureau and the law that enacted the bureau's enforcement powers, the Dodd-Frank Wall Street Reform and Consumer Protection Act.

President Trump, who has high-profile Wall Street bankers working as his top aides, has been clear about his intent to roll back Dodd-Frank's regulatory reach and the CFPB's independence.

 

Established Contributor
Posts: 539
Registered: ‎05-11-2015
0

Re: The end of the Dodd-Frank Act?


vanillabean wrote:

Debt collectors who refuse to identify themselves. Banks that aggressively upsell unwanted credit cards. Mortgage brokers who disregard borrowers' ability to repay loans. Financial advisers who pitch high-fee annuities.

These are some of the financial industry players who have been in the crosshairs of the Consumer Financial Protection Bureau and the law that enacted the bureau's enforcement powers, the Dodd-Frank Wall Street Reform and Consumer Protection Act.

President Trump, who has high-profile Wall Street bankers working as his top aides, has been clear about his intent to roll back Dodd-Frank's regulatory reach and the CFPB's independence.

 


 Like most "sweeping legislation," I think that Dodd-Frank could certainly use some adjustments to address some of the unintended consequences of the Act.

 

 For example...  The Act has led to increased violence and poverty in places like the Congo because of the "conflict minerals" rule.  That is a bad thing.  It also required fiduciaries to act in the best interests of their clients.  That is a good thing (if properly defined).

 

EX08 726 EQ08 713 TU08 736
Established Contributor
Posts: 587
Registered: ‎07-20-2012
0

Re: The end of the Dodd-Frank Act?

My issue with Dodd-Frank is the heavy regulation in compliance and reporting.  Some companies, especially banks, have to hire thousands of employees just to "check a box".    So teh eliminate of waste is aways a good thing.

 

There are a few items that are good for the economy but overall Dodd-Frank is outdated and needs to go.

F'08 APR16: EQ714, EX675, TU679; Clean since BK7 D/C 6/2011
Established Contributor
Posts: 673
Registered: ‎08-12-2014

Re: The end of the Dodd-Frank Act?

Well I agree that some provisions of the act could use a rework overall I think it's good.

As far as outdated, seriously it's not even 7 years old! It hasn't even been around long enough to see some of the effects.

Maybe the term outdated was just hyperbole.
Established Member
Posts: 36
Registered: ‎04-09-2017
0

Re: The end of the Dodd-Frank Act?

Yesterday this got closer to reality. According to ABC News:

 


A House panel on Thursday approved Republican-written legislation that would gut much of the Dodd-Frank law enacted by Democrats and signed by Obama in the wake of the financial crisis and the Great Recession. The party-line vote in the Republican-led House Financial Services Committee was 34-26.

 

Valued Contributor
Posts: 1,502
Registered: ‎06-27-2014
0

Re: The end of the Dodd-Frank Act?

Here is an article with a little bit more context about the changes being pushed:

http://www.nbcnews.com/business/consumer/why-republicans-want-declaw-nation-s-consumer-financial-wat...

 

Highlighted
Frequent Contributor
Posts: 485
Registered: ‎05-09-2016
0

Re: The end of the Dodd-Frank Act?

While the Act isn't perfect, non are, maybe it should be examined and amemded . I am sure there are folks on this board that has used to report CRA's to CFPB for mishandling of their reports. I have learned since the great recession to read my terms(it sucks but at least I know what I am getting into). Just my 2 cents.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.