Dodd-Frank Wall Street Reform and Consumer Protection Act Will Help People with Bad Credit

The Obama administration led the implementation of Dodd & Frank Wall Street Reform as well as the Consumer Protection Act on the 21st of July 2010, and the laws are designed to overhaul and strengthen the financial regulatory system and provide additional protection to consumers from what they called ‘predatory financial lenders’ who offer loans for people with bad credit.

“Why throw more regulations at us, we were not part of the subprime mortgage meltdown,” Kalamazoo County State Bank CEO Jim MacPhee said.

“These reforms represent the strongest consumer financial protections in history — in history.” President Obama added.

One provision of the newly signed law that will have large impact to millions of people is the creation of new agency, which is designed to provide protections to consumers against predatory and abusive financial products called the Bureau of Consumer Financial Protection.

The news agency, administered by the Federal Reserve Bank, will implement a new rules and financial regulations overseeing a push of various financial products which includes credit cards, payday loans, bank fees, mortgages, traditional loans, and loans for people with bad credit. The agency’s primary mission is to prevent consumers from getting bigger loans that they cannot afford to finance.

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