The Durbin Amendment, a last-minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, has sparked fierce debate about government regulation, consumer choice, innovation and entrepreneurship. The bill drastically lowers swipe fees – the fee charged to merchants every time a customer pays with plastic – on debit cards issued by big banks, cutting into the banks’ revenue while, presumably, lowering costs for merchants and therefore consumers. Update 9/26/12 – throwing the gauntlet: The American Bankers Association sent a letter on 9/20 to the congressional leadership urging them not to regulate interchange fees further, repeating the “mistakes” of the Durbin Amendment.
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The Dodd-Frank Wall Street Reform and Consumer Protection Act is one of the most complex pieces of legislation ever written.
In July 2010, President Obama signed the Wall Street Reform and Consumer Protection Act, also known as the Dodd-Frank Act. The reforms resulting from the act will certainly have an impact on both financial services and nonfinancial services companies across the United States. Touted as a bill that will completely overhaul the financial regulatory system, the Dodd-Frank Act creates new regulators, regulates new markets, brings new firms into the regulatory arena, and provides new rule-making and enforcement powers for existing agencies.
While regulatory requirements remain uncertain, financial services institutions can put in place appropriate processes that can help them prepare for what’s to come.
Congressional Bills Congressional bills are legislative proposals from the House of Representatives and Senate within the United States Congress.
The Dodd–Frank Wall Street Reform and Consumer Protection Act ( Pub.L. 111–203 , H.R. 4173 ) was signed into federal law by President Barack Obama on July 21, 2010. [ 1 ] Passed as a response to the late-2000s recession , it brought the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression . [ 2 ] [ 3 ] [ 4 ] It made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry. [ 5 ] [ 6 ] As with other major financial reforms, a variety of critics have attacked the law, some arguing it was not enough to prevent another financial crisis or more "bail outs", and others arguing it went too far and unduly restricted financial institutions. [ 7 ]
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