ACI joined a group of nonprofit organizations and sent a letter to the President, House Majority Leader, and Speaker of the House calling on them to refrain from helping some self-interested businesses at the detriment of consumers and small businesses. The letter expressly addressed lobbying efforts by some to expand onerous Dodd-Frank regulations. The letter […]
There’s finally light at the end of the seven-year-long tunnel: The Senate is set to take action to right the Dodd-Frank Act’s many wrongs. For customers of Main Street financial institutions –regional banks, credit unions and community banks – the proposed reform will benefit them, their communities and the general economy. To read more, visit […]
In a reaction to the last major financial crisis, Dodd-Frank (the Wall Street Reform and Consumer Protection Act) was passed, and with it came hundreds of new regulations designed to provide additional financial stability, as well as ending the bailouts of “too big to fail” giant financial institutions. In its effort to prevent a future […]
Twenty groups signed onto a letter to the U.S. Congress in strong support of a bill that promotes economic growth, eliminates harmful regulations and provides helpful oversight in the financial services market. The letter is available online.
Among the early actions announced to reduce regulatory burdens is a theme that targets the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) enacted in July 2010. Dodd-Frank authorized federal agencies to institute extremely broad regulatory controls over banks, mortgage issuers, insurance companies, hedge funds, stock brokerages and financial advisors. The intent was to […]
In recent years, we have heard complaints of how difficult it is for many of us to get a mortgage loan. The flagship example was Fed Chairman Ben Bernanke’s difficulty obtaining a mortgage – a credit denial that is difficult to explain. A review of bank and credit union behavior reveals that banks have pulled […]
Most consumers knew that 2008’s great recession came from mortgages and other risky bank lending sliding into default. The government chose to bail out big banks rather than let them to implode, triggering the much larger calamity of a Federal Deposit Insurance collapse. To avoid publicly identifying bad banks, government forced all large banks to […]
Debit cards were working well for most consumers. Consumers pay for the merchandise or service, and from that payment, the merchant remits a little to the network and a little to the bank who issued the credit card (a so-called interchange fee). The average debit interchange fee that merchants pay banks is about 44 cents […]