The Dodd-Frank Wall Street Reform and Consumer Protection Act
Hi Chickadees. Let’s pick up the conversation where I left off last time with The Glass-Steagall Act.
In response to the shitshow of 2008, Washington decided to curb Wall Street’s behavior with The Dodd-Frank Wall Street Reform and Consumer Protection Act.
With this law, we finally having someone (AKA the Consumer Financial Protection Bureau) looking out for us—because it sure wasn’t the bankers! Bankers now have to use actually understandable language to explain mortgages, credit cards, overdraft protection programs and student loans. Yippee!
Another major provision of Dodd-Frank, The Volcker Rule, is what I will discuss next time. You’ll love it, I promise!
(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)