Jul
14

Financial reform bill brings sweeping changes for consumers

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Financial reform bill brings sweeping changes for consumers.

Consumers that have found themselves deeply in debt thanks to the recession are about to receive some help from the federal government.

Thanks to the new financial reform bill, which passed the Senate with a 60-39 vote and only awaits the signature of President Barack Obama to make it law, Americans are going to get more safety from the predatory practices of lenders in the form of a new body which will oversee these banks.

The Consumer Financial Protection Bureau, which will operate as part of the Federal Reserve System, will have unprecedented power to govern the rates and fees lenders issue on everything from credit cards to mortgages. Read the full post

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