Understanding Financial Reforms

In the news we hear lots of talk about Financial Reform with politicians and political pundits coming out either in favor or against for one reason or another.  It is great to know opinions particulary from our leadership about the reform, but what are the true facts and how can we know what Financial Reform means to us?  To help us, Consumer Action has prepared a Financial Reform Fact Sheet containing a summary of the federal legislation recently signed into law. Financial Reform Summary

This link provides a PDF document written in easy to read language on the major provisions of financial reform and what they mean for you. This reform was passed as to strengthen consumer protection of
financial products and services, limit taxpayer liability for financially risky banks, and prevent or stop the spread of unfair and deceptive practices. Major provisions include:
  • Creation of a Consumer Financial Protection Bureau
  • Mortgage reform with greater protection and disclosures for consumers
  • Assistance for foreclosure prevention
  • Access to free credit scores in certain circumstances
  • Permanent protection of up to $250,000 of bank deposits
  • and many others
This summary can help you to develop your own opinion on financial reform and whether it is good for you.  Read it for yourself and let us know what you think.

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