http://www.consumerismcommentary.com/the-new-financial-regulation-law-and-your-money/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Mon, 13 Feb 2012 01:22:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.consumerismcommentary.com/the-new-financial-regulation-law-and-your-money/comment-page-1/#comment-252087 wylerassociate Thu, 24 Feb 2011 04:13:01 +0000 http://www.consumerismcommentary.com/?p=8718#comment-252087 anything that helps the education of the consumer especially financial literacy is a good thing. anything that helps the education of the consumer especially financial literacy is a good thing.

]]> http://www.consumerismcommentary.com/the-new-financial-regulation-law-and-your-money/comment-page-1/#comment-207940 Dan Ray Thu, 22 Jul 2010 14:18:30 +0000 http://www.consumerismcommentary.com/?p=8718#comment-207940 Regarding interest on checking accounts: Actually, what the bill does is overturn a ban on paying interest on BUSINESS checking accounts only. The ban was a leftover from the Depression, when it was enacted to protect rural banks from having to compete with big banks for local business. Big banks, it was feared, would swoop in and offer interest checking and take away local business accounts. See http://commdocs.house.gov/committees/bank/hba71148.000/hba71148_0f.htm for more. Regarding interest on checking accounts: Actually, what the bill does is overturn a ban on paying interest on BUSINESS checking accounts only. The ban was a leftover from the Depression, when it was enacted to protect rural banks from having to compete with big banks for local business. Big banks, it was feared, would swoop in and offer interest checking and take away local business accounts. See http://commdocs.house.gov/committees/bank/hba71148.000/hba71148_0f.htm for more.

]]> http://www.consumerismcommentary.com/the-new-financial-regulation-law-and-your-money/comment-page-1/#comment-207878 Conor Mon, 19 Jul 2010 20:04:19 +0000 http://www.consumerismcommentary.com/?p=8718#comment-207878 Wow, this is the rosiest recap of the assessment of the new financial regulation law I've yet seen. It's like a press release from Chris Dodd's office. It'll be a first if all these aspects of the bill work as advertised. And "as advertised" probably doesn't even equal intent, given the special favors and hidden politics that went into creating this bloated law. Perhaps at least a little skepticism would be in order? Wow, this is the rosiest recap of the assessment of the new financial regulation law I’ve yet seen. It’s like a press release from Chris Dodd’s office. It’ll be a first if all these aspects of the bill work as advertised. And “as advertised” probably doesn’t even equal intent, given the special favors and hidden politics that went into creating this bloated law. Perhaps at least a little skepticism would be in order?

]]> http://www.consumerismcommentary.com/the-new-financial-regulation-law-and-your-money/comment-page-1/#comment-207862 Steve Sun, 18 Jul 2010 20:35:51 +0000 http://www.consumerismcommentary.com/?p=8718#comment-207862 http://www.snopes.com/politics/satire/downpayment.asp http://www.snopes.com/politics/satire/downpayment.asp

]]> http://www.consumerismcommentary.com/the-new-financial-regulation-law-and-your-money/comment-page-1/#comment-207849 SavingFreak Sat, 17 Jul 2010 16:55:30 +0000 http://www.consumerismcommentary.com/?p=8718#comment-207849 I actually read a quote from Chris Dodd (one of the authors of the bill) that they were not going to reform Fannie Mae and Freddie Mac because then only people who could afford a home mortgage would get one. Just goes to show. They really aren't that serious about fixing what causes most of this mess. I actually read a quote from Chris Dodd (one of the authors of the bill) that they were not going to reform Fannie Mae and Freddie Mac because then only people who could afford a home mortgage would get one. Just goes to show. They really aren’t that serious about fixing what causes most of this mess.

]]> http://www.consumerismcommentary.com/the-new-financial-regulation-law-and-your-money/comment-page-1/#comment-207833 Flexo Fri, 16 Jul 2010 23:29:38 +0000 http://www.consumerismcommentary.com/?p=8718#comment-207833 All those interest-bearing checking accounts that you see aren't really demand deposit accounts or checking accounts from a regulatory standpoint. They're Negotiable Order of Withdrawal (NOW) accounts. That's how banks currently get around the regulation that decrees banks cannot pay interest on demand deposit accounts. All those interest-bearing checking accounts that you see aren’t really demand deposit accounts or checking accounts from a regulatory standpoint. They’re Negotiable Order of Withdrawal (NOW) accounts. That’s how banks currently get around the regulation that decrees banks cannot pay interest on demand deposit accounts.

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