The title of the bill may be misleading for Main Street people, but the landmark bill–the most aggressive financial reform bill since the Great Depression–was signed into law today by President Obama. Here’s how it will affect you:
5.Emergency Mortgage Relief: The program makes more than $1 billion in federal funds available to families about to lose their homes. Homeowners may borrow up to $50,000 if they can show they have a reasonable prospect of resuming mortgage payments within 24 months.
4. You just need a slice of pizza. It’s $2 and you whip out your Platinum VISA to pay for it. The cashier says there’s a $10 minimum for credit cards. Your debit card has a negative balance. So you go ahead and buy the whole pizza. Now you have to get a large diet Coke with that. The Wall Street Bill will require that retailers not exceed $10 for credit card minimums, so you can just get that slice.
3. With the new bill if a lender turns down your application for credit because of your credit score, the lender is required to tell you what your credit score is for free. Of course, if a lender turns you down, you probably have a good idea what your credit score is. It stinks.
2. A new independent watchdog, Consumer Financial Protection Bureau, will be created to oversee all financial products and services including credit cards, mortgages, and loans. BUT pawn brokers and auto dealers are exempt. It’s safe to assume this means loan sharks too.
1. A new national toll free number for consumer complaints on products and services will be created. That doesn’t apply to the flat screen you bought from Big Bubba with the money you borrowed from your loan shark.
Click here to view our gallery to see Obama’s accomplishments