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What you should know about the Dodd-Frank Act

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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 71 of 85
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 72 of 85
Contributor

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 [Starting Point on MyFico]
05/09/18 - Fico Score 8: EQ 827, TU 821, EX 811; Mortgage: EQ 815, TU 795, EX 822 [Latest MyFico 3B]
Message 73 of 85
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 74 of 85
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 75 of 85
New Member

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 76 of 85
Valued Member

Dodd-Frank Act

Good Morning fellow MyFico members, 

SENATE TO PASS THE NEW REFORMED DODD-FRANK ACT

 Its about time this Act was overhauled. It's been keeping SO MANY QUALIFIED BORROWERS FROM GETTING THE CREDIT 

THEY DESERVE . I hope for many fellow members to turn on CNBC  or any news regarding the passing of this new law. This is going to open up so many opportunities that were not there since the Obama administration. 

Always a pleasure to post 

 

Mako50 

 

Mako50
Message 77 of 85
Valued Member

Re: Dodd-Frank Act

Thank you my new friend. Hope was informative and I hope this new legislation will spur up the economy. We need to have the windows open for so many qualified people who couldn't get a mortgage or loan or credit card in the past because of this horrific act that hurt the economy more than it helped.
I wish you all the best my friends.
Thank you for your service to our country our freedom.
Mako50
Mako50
Message 78 of 85
Frequent Contributor

Re: Dodd-Frank Act

I haven’t been following this closely. What benefits will this provide people?
FICO 8 (5/4/18) - Equifax: 696, TransUnion: 710, Experian: 687
FICO 9 (4/15/18) - Equifax: 711, TransUnion: 712, Experian: 696

AmEx BCE: $3,000 | AmEx HH: $1,000 | Barclays Rewards MC: $5,300 | BECU Cash Back Sig. Visa: $10,000 | BECU CLOC: $3,000 | Citi Costco Sig. Visa: $4,000 | Citi Diamond: $4,000 | Citi HD: $3,000 | Capital One Kohls: $1,500 | CapitalOne Quicksilver: $3,300 | Chase Freedom Unlimited: $4,000 | Discover IT: $1,500 | Synchrony Care Credit: $8,000 | Synchrony Walmart: $4,000
Message 79 of 85
Valued Member

Re: Dodd-Frank Act

Good morning Ji4
This will benefit all Americans who work so very hard to make a descent living.
1. The Dodd-Frank Act is legislation that keeps very strict standards on borrowing.
2. The President promised before he was elected he would dis-assemble the entire Legislation so that most hard working Americans can I
a) Get a Mortgage without meeting certain criterias such as having a lower Fico score to get approved.
b) Having many different products more available. Such as Ex. not having a large down payment to purchase a home. Ex. not having to come up with certain documentations to get approved. Ex. Bringing back many many products for self-employed workers to purchase or Invest in Real Estate.
3. Most important for you to know is that the Big Banks and the small neighborhood Banks to loosen Lending guidelines for many many credit opportunities.
This is only a tip of the iceberg. Ji4 in the coming months you will see so much more windows bieng opened for you and I and the rest of America.
This legislation should surely help SPUR the econmy.

I hope this helps you have a better understanding of how important this is to the Majority of ALL AMERICAN HARD WORKING PEOPLE.
Please feel free to get back to me in the coming months to check in and say HELLO.
I was a former Financial Advisor for many years with Institutions still around and am semi retired but still hold my Realtors License.

I hope this helps you have a better understanding of this VERY important piece of Legislation.

Always here to help a fellow MyFico Family Member
I wish you the very best

Mako50

Mako50
Message 80 of 85