Dodd-Frank Reform

[Slashsnake]

Everyone knows why Dodd-Frank was created (hopefully).

Do you think we should see any changes to reform this into an act that makes it even better for the American people? I want to hear some opinions here.

Let's discuss things like:

• Capping overdraft fees amounts and the number of charges allowed per day.
• Capping non-credit union interest rates.
• Making extended overdraft fees illegal.
• Eliminating the Durbin Amendment.
• Additions to the CARD Act
• Interchange fees for PIN vs. Non-PIN, should banks be required to have PIN only cards?

 

[PurpleOwl]

Those are very tiny regulations overall it would be difficult to determine if there would be a real benefit to "the american people" either way. the durbin amendment might benefit american express but hurt bank of america, Pin only cards it might help the average persons savings account but hurt the average small business owner. So let their corporate lawyers figure it out

The problem with all these tiny tweaks is that the banks will just raise the prices somewhere else. Whats needed is another massive sweeping reform act like the entire dodd frank act itself, since dodd frank will be watered down and whittled away over the next few years anyway

 

[gipper]

Eliminate the whole thing. Government always sucks, so why do government?

 

[Penelope]

Dodd Frank should be left in place as is, but Trump will repeal it and we will go into a deep recession and need a bank bail out again, just like with Bush.

 

[gipper]

Dodd Frank should be left in place as is, but Trump will repeal it and we will go into a deep recession and need a bank bail out again, just like with Bush.

How does Dodd Frank prevent a deep recession?

 

[Slashsnake]

Those are very tiny regulations overall it would be difficult to determine if there would be a real benefit to "the american people" either way. the durbin amendment might benefit american express but hurt bank of america, Pin only cards it might help the average persons savings account but hurt the average small business owner. So let their corporate lawyers figure it out

The problem with all these tiny tweaks is that the banks will just raise the prices somewhere else. Whats needed is another massive sweeping reform act like the entire dodd frank act itself, since dodd frank will be watered down and whittled away over the next few years anyway

In regards to PIN only -

I was thinking PIN only would reduce the interchange fee % on all cards. The risk of fraud is lower with a PIN. Why do you think debit transactions have a lower fee?

If anything, the average small business owner might benefit from it.

I'd like to see you explain what regulations you'd put in place and why, though.

 

[EdwardBaiamonte]

• Capping overdraft fees amounts

why do you want to use liberal govt violence to cap fees when customers are free to use any bank with any fee they want, and free not to overdraft at all?

Liberals are always duped into violence by libcommunists but have no idea how they are being used and for what purpose.

 

[Slashsnake]

• Capping overdraft fees amounts

why do you want to use liberal govt violence to cap fees when customers are free to use any bank with any fee they want, and free not to overdraft at all?

Liberals are always duped into violence by libcommunists but have no idea how they are being used and for what purpose.

I didn't say it was my opinion, it's an example.

I'm pretty anti-government, but the banks would gather together and charge $100 or more for each overdraft fee if there weren't caps. A bank that's actually good would find other ways to make a profit, such as keeping customers by providing good customer service.

 

[EdwardBaiamonte]

, but the banks would gather together and charge $100 or more for each overdraft fee if there weren't caps..

thats illegal in all industries

 

[Slashsnake]

, but the banks would gather together and charge $100 or more for each overdraft fee if there weren't caps..

thats illegal in all industries

A government cap makes it illegal.

If the banks were truly a free market and were allowed to do whatever they want, they'd all charge $100 or more for overdraft fees simply because they can. Banks don't have to publicly state that they're all agreeing to anti-competition to overdraft fees.

I'm fortunate enough to live in a town where most people use a credit union with free checking, $25 overdraft fees, good customer service, and loose lending practices with low interest rates. I guess that could be a result of lack of big bank branches. There's some BoA branches, but only three Chase Branches, and no Wells Fargo, Citi, or U.S Bank branches in my area. There's more credit union branches around here than big bank branches combined.

 

[EdwardBaiamonte]

A government cap makes it illegal.

no its called collusion and its illegal in all industries.

 

[EdwardBaiamonte]

If the banks were truly a free market and were allowed to do whatever they want, they'd all charge $100 or more for overdraft fees.

total insane liberal lie!!! Its like saying in a free market there is no competition and so cars all cost $1 million each!!!

 

[Slashsnake]

If the banks were truly a free market and were allowed to do whatever they want, they'd all charge $100 or more for overdraft fees.

total insane liberal lie!!! Its like saying in a free market there is no competition and so cars all cost $1 million each!!!

Dude, seriously? Get off my damn thread.

1) I'm not a liberal.
2) My profile picture has a republican in it.

One is a necessity and the other is a fee. Use your head.

 

[EdwardBaiamonte]

One is a necessity and the other is a fee.

what does that mean?????

 

[Slashsnake]

One is a necessity and the other is a fee.

what does that mean?????

People need a vehicle for every day life. A car is a sale, a fee is a fee.

If car companies made every car $100,000 nobody would buy them. A fee isn't something people use to live, and banks aren't trying to sell an overdraft fee, so they can charge whatever they want since a customer will have to pay it anyways.

 

[EdwardBaiamonte]

One is a necessity and the other is a fee.

what does that mean?????

People need a vehicle for every day life. A car is a sale, a fee is a fee.

If car companies made every car $100,000 nobody would buy them. A fee isn't something people use to live, and banks aren't trying to sell an overdraft fee, so they can charge whatever they want since a customer will have to pay it anyways.

so somebody told you a customer cant leave his bank if he is dissatisfied with their prices??