By Teresa Dixon Murray, The Plain Dealer The Plain Dealer
A year after lawmakers approved the biggest financial overhaul since the Great Depression, changes are starting to creep into our wallets and neighborhood bank branches. And there's a lot more coming down the road.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law July 21, 2010, spanned more than 2,000 pages and targets everything from the stability of our banks to debit card fees to mortgages and credit cards to the mysterious investment derivatives market.
The potential scope of the law is almost overwhelming: According to a tally by the New York law firm Davis Polk & Wardwell, it requires regulators to create 243 rules and conduct 67 studies. While various points of the new law are being phased in, much of the effect is still to come. And some of it is uncertain because many of the specific rules haven't been written yet.
"We're talking about a process here - we're looking at a period of years here," said former banking regulator Kevin Jacques, who spent 14 years at the U.S. Treasury and now is an associate professor of finance at Baldwin-Wallace College in Berea.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law July 21, 2010, spanned more than 2,000 pages and targets everything from the stability of our banks to debit card fees to mortgages and credit cards to the mysterious investment derivatives market.
The potential scope of the law is almost overwhelming: According to a tally by the New York law firm Davis Polk & Wardwell, it requires regulators to create 243 rules and conduct 67 studies. While various points of the new law are being phased in, much of the effect is still to come. And some of it is uncertain because many of the specific rules haven't been written yet.
"We're talking about a process here - we're looking at a period of years here," said former banking regulator Kevin Jacques, who spent 14 years at the U.S. Treasury and now is an associate professor of finance at Baldwin-Wallace College in Berea.
Total waste of time. Anything that helps the banks they will do and then claim the bill makes them charge the customers, and anything that would help consumers the banks will just ignore and refuse to do. These statutes are always all written the same, the only way to enforce something is for the AG to sue under the statute, since they never give a private cause of action, and if there is one, it is almost certainly capped so low that no lawyer would be able to afford to litigate the case so no consumer will hire one to do so.
ReplyDeleteYou won't be able to pin these banksters down like this. So why bother? We should really just have the government run a bank for everybody and otherwise just get out of everything altogether.