Slashsnake
VIP Member
- Aug 5, 2016
- 589
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There hasn't been enough talk about the potential Dodd-Frank replacement.
Warning: Some of this stuff has more to do with other financial acts, but could be amended and added to Dodd-Frank in a shape or form.
I don't like decreasing consumer protections, such as the CFPB (Consumer Finance Protection Bureau). I think many parts of the law should stay while many go the way of the dumpster. Not only will the middle class remain protected with certain protections like the CFPB remaining, but the Democrats may be able to agree with passing the law, or at least have a better chance of passing it in the Senate if it includes those middle-class protections.
I like the idea of the banks not being "insured" by the taxpayers, but the idea that the taxpayers' funds at those banks/credit unions are insured by the FDIC and/or the NCUA (if they have an account at both a bank and credit union) so we can let the banks fail rather than bail them out. I also want to see credit unions buying out mortgages and personal loans at failed community and "big banks" for people, and requiring membership for the people whose loan they bought out. When we see banks like Wells Fargo buying out loans from other financial institutions, it's not as favorable to the customer compared to what a credit union would be able to do for them. I think this proposal would help get democrats on board with a new law that would be drafted up to replace or "fix" Dodd-Frank. Credit unions also have a smaller chance of failing due to their business nature and it will increase the number of places failed big bank loans can be bought out from, and probably offer more favorable terms, too.
I'd like to see the Durbin Amendment go. I'm not sure how democrats feel about this (well except for idiot boy Durbin himself), but it hurts everyone involved in the banking business. It hurts the middle-class by taking away free checking options (at big banks and even many community banks), it takes away debit card rewards, it added debit routing fees at some credit unions, it's raised other fees, and it's effected some EMV programming at certain merchants because it's more difficult (see Rite Aid). Interchange fees should be decided with the free market. American merchants are going to whine about the costs of accepting credit cards no matter how low they get.
I'd like to see a market cap on credit card interest rates. I guess this really could go into the CARD Act, but could go here too. Rather than charging a 24.49% interest rate on a card, the bank should be required to deny the card to an applicant instead. Yes people should be using their credit cards more responsibly, but we know that will never happen. Cap credit card interest rates at 20% maximum while allowing credit unions to go from 17.99% to 20% to match the banks. Obviously because of ex post facto, current credit cards should not be affected... One would have to close out their current 21.49% card and re-apply to get a card that's terms are influenced by the new law at the same bank. I'd also like to see the regulation that gives a 6+ month requirement for a "promo introductory rate" go away, as one should be reading the terms of their card before applying and should know them, and also the elimination of regulations for fees on prepaid cards.
Additionally, I would propose the federal reserve to increase its insurance minimum to $500,000, up from $250,000, and revise the Expedited Funds Availability Act -- 9 business days for a check to clear for a new account? Don't think so... Funds should be available within 3 business days with the first $100 available the next day or earlier. People live paycheck to paycheck after all.
Warning: Some of this stuff has more to do with other financial acts, but could be amended and added to Dodd-Frank in a shape or form.
"House Republican legislation meant to replace the 2010 Dodd-Frank financial reform law is headed to the floor soon, the chairman responsible for the bill said Thursday.
Rep. Jeb Hensarling, chairman of the House Financial Services Committee, told reporters that the panel is scheduled to vote on the sweeping legislative package Tuesday and the full House will vote on it "shortly thereafter."
- Washington Examiner Author: Lawler, Joseph (2017).
I don't like decreasing consumer protections, such as the CFPB (Consumer Finance Protection Bureau). I think many parts of the law should stay while many go the way of the dumpster. Not only will the middle class remain protected with certain protections like the CFPB remaining, but the Democrats may be able to agree with passing the law, or at least have a better chance of passing it in the Senate if it includes those middle-class protections.
I like the idea of the banks not being "insured" by the taxpayers, but the idea that the taxpayers' funds at those banks/credit unions are insured by the FDIC and/or the NCUA (if they have an account at both a bank and credit union) so we can let the banks fail rather than bail them out. I also want to see credit unions buying out mortgages and personal loans at failed community and "big banks" for people, and requiring membership for the people whose loan they bought out. When we see banks like Wells Fargo buying out loans from other financial institutions, it's not as favorable to the customer compared to what a credit union would be able to do for them. I think this proposal would help get democrats on board with a new law that would be drafted up to replace or "fix" Dodd-Frank. Credit unions also have a smaller chance of failing due to their business nature and it will increase the number of places failed big bank loans can be bought out from, and probably offer more favorable terms, too.
I'd like to see the Durbin Amendment go. I'm not sure how democrats feel about this (well except for idiot boy Durbin himself), but it hurts everyone involved in the banking business. It hurts the middle-class by taking away free checking options (at big banks and even many community banks), it takes away debit card rewards, it added debit routing fees at some credit unions, it's raised other fees, and it's effected some EMV programming at certain merchants because it's more difficult (see Rite Aid). Interchange fees should be decided with the free market. American merchants are going to whine about the costs of accepting credit cards no matter how low they get.
I'd like to see a market cap on credit card interest rates. I guess this really could go into the CARD Act, but could go here too. Rather than charging a 24.49% interest rate on a card, the bank should be required to deny the card to an applicant instead. Yes people should be using their credit cards more responsibly, but we know that will never happen. Cap credit card interest rates at 20% maximum while allowing credit unions to go from 17.99% to 20% to match the banks. Obviously because of ex post facto, current credit cards should not be affected... One would have to close out their current 21.49% card and re-apply to get a card that's terms are influenced by the new law at the same bank. I'd also like to see the regulation that gives a 6+ month requirement for a "promo introductory rate" go away, as one should be reading the terms of their card before applying and should know them, and also the elimination of regulations for fees on prepaid cards.
Additionally, I would propose the federal reserve to increase its insurance minimum to $500,000, up from $250,000, and revise the Expedited Funds Availability Act -- 9 business days for a check to clear for a new account? Don't think so... Funds should be available within 3 business days with the first $100 available the next day or earlier. People live paycheck to paycheck after all.
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