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What you should know about the Dodd-Frank Act

New Visitor

Re: What you should know about the Dodd-Frank Act

Just getting back into the credit seems like they try to rob you on interest rates

Message 71 of 77
Frequent Contributor

Re: What you should know about the Dodd-Frank Act


Bigman1234 wrote:

Just getting back into the credit seems like they try to rob you on interest rates


The whole point of credit is to pay it off...to avoid interest...

FICO 8 Scores: EX 706 (11/3/2016) EQ 696 (11/17/16) TU 708 (11/17/2016)

"Use your Credit wisely, don't let it use you!"~Me Smiley Very Happy

Message 72 of 77
New Visitor

Re: What you should know about the Dodd-Frank Act

Sound like them they're using the old FICO score credit union because it would be about the difference in the points

Message 73 of 77
Valued Member

Re: What you should know about the Dodd-Frank Act

My understanding was that the House Financial Services Committee was to have a hearing today on H.R. 10, the Financial CHOICE Act, which would undermine some of the consumer protections of Dodd-Frank.

 

Does anyone know the outcome of the hearing?

04/20/17 - Fico Score 8: EQ 695, TU 689, EX 728; Mortgage: EQ 731, TU 740, EX 815
05/20/17 - Fico Score 8: EQ 763, TU 767, EX 753; Mortgage: EQ 796, TU 773, EX 804
06/20/17 - Fico Score 8: EQ 772, TU 780, EX 764; Mortgage: EQ 799, TU 785, EX 819
07/20/17 - Fico Score 8: EQ 796, TU 778, EX 781; Mortgage: EQ 795, TU 781, EX 809
08/21/17 - Fico Score 8: EQ 796, TU 778, EX 781; Mortgage: EQ 795, TU 781, EX 809
09/27/17 - Fico Score 8: EQ 800, TU 786, EX 783; Mortgage: EQ 795, TU 785, EX 819
11/10/17 - Fico Score 8: EQ 807, TU 786, EX 783; Mortgage: EQ 812, TU 793, EX 822
Message 74 of 77
Highlighted
New Visitor

Re: What you should know about the Dodd-Frank Act

According to CNN Money:

"House lawmakers on Thursday advanced the "crown jewel" of the GOP-led regulatory reform effort, effectively gutting the Dodd-Frank financial regulations that were put in place during the Obama administration.

 

The Republican bill, called the Financial Choice Act, passed the House 233-186 along party lines. The bill seeks to undo significant parts of the 2010 financial reform law.

 

Crafted by House Financial Services Chairman Jeb Hensarling, the bill passed despite vehement objections by Democrats to preserve the sweeping law aimed at preventing another financial crisis and protecting American consumers."

Message 75 of 77
Valued Contributor

Re: What you should know about the Dodd-Frank Act

HR 10 passed the House yesterday (June 9, 2017) along with the managers amendment that keeps the Durbin amendment in place (reduced swipe fees for debt cards for merchants). While this is a large and complex bill, the two prime purposes are to reduce regulations that hurt small community banks and a restructuring of the CFPB to make it accountable to Congress rather than mildly unaccountable to the Federal Reserve.

 

Without getting into the politics of the Choice Act, I'll just say its probably DOA in the Senate since the minority party generally opposes the bill for several reasons especially ANY restructuring of the CFPB - however parts of the bill are widely expected to go foreward as independant legislation.   

Message 76 of 77
New Visitor

Re: What you should know about the Dodd-Frank Act

I didn't see anything on the regulation on the auto loan industry. I think they are the ones who need it the most.
Message 77 of 77