Shopping for Rates

Consumers: What Does the Dodd-Frank Consumer Protection Act Mean for You?

(07/21/2010) Today President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law.  This multifaceted financial overhaul aims at various parts of the financial sector, some parts directed toward big banks and others toward consumer protection.  What does this new legislation mean for consumers?  Here are a few aspects of the new law (as reported by the Associated Press) that may affect your personal finances.

The Creation of a Consumer Protection Bureau
According to the new law, there will be a Consumer Protection Bureau created.  This organization will oversee financial products and services, such as mortgages, credit cards, and private student loans.  However, education and information may be the best consumer protection around.  Take the time to educate yourself on finance basics.  Also, check online rate tables to quickly shop for the best local rates and stay informed of what deals are currently being offered.

Fed Limits Debit Card Transaction Fees
The Fed can limit the fees charged on debit card transactions.  However, this restriction reportedly only applies to large financial institutions, not other card-issuers, such as Visa or Mastercard.

Free Credit Score for Denied Borrowers
Upon not being approved for a mortgage, credit card, or auto loan due to a poor credit score, the new law states that lenders must deliver consumers their credit score free of charge.  This should make it a little easier for consumers to be aware of why they are not approved for various types of credit.  This new focus on maintaining a healthy credit score should help many consumers qualify for the best rates on mortgages, credit cards, and other personal finance products.

Fed Also Sets Minimum Credit Card Transaction Limit
The new law states that retailers can set minimum credit card transactions to no higher than $10.  Furthermore, only the Federal Reserve can change this threshold.

More Requirements for Mortgages
Lenders will be held more accountable for determining whether a borrower is capable of paying back their mortgage.  When this reform goes into affect, lenders will need to verify borrower income, credit history, and employment before approving them for a loan.  Furthermore, they will be required to disclose the highest possible payment a borrower may face on an adjustable rate mortgage.




Refinance at Today's Low Rates!




Other Articles:

Identity theft tops consumer complaint list, 'imposter scams' debut

What Does the Dobbs-Frank Bill Mean for Consumers

Zero interest credit cards quickly melt down

What CARD Act? Credit cards get more expensive

Credit CARD Act Provides Protection for Young Consumers



Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state

Get the Updated and Improved Mortgage Rates App from

iPad for Mortgage Rates

Getting Started

Purchasing a Home Info and Advice

FREE Mortgage Rate Widgets
Your State's Rates or National Rates
Get this Widget for any State you want