Dodd-Frank bill provides protections for credit card users
28/06/2010 - By ChargeNational
New financial reform bill includes protections for consumers
Credit Card Processing
The proposed Dodd-Frank financial reform bill has established provisions that will regulate large financial institutions, but it also includes measures to help the average consumer when swiping cards at credit-debit machines.
While investors were able to successfully lobby to defend some of their interests like retaining the ability to invest their own funds, the bill hopes to enact several provisions to help Americans. It proposes to create an independent Consumer Financial Protection Bureau, provide consumers with free credit reports if problems exist with the score and remove lender incentives to push high-interest loans, the Boston Globe reports.
Additionally, the bill lists new rules for credit and debit cards. According to the bill, merchants are allowed to set minimum purchase amounts for use on cards as long as such limits do not exceed $10.
Merchants, though, will not be able to charge different prices for customers using American Express versus Visa and Mastercard or give discounts based on which bank issued the debit or credit card.
President Obama called the bill the "toughest financial reform" since legislation passed after the Great Depression, according to the New York Times.
Articles written by ChargeNational.com's editorial team. For more information, click here.
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