The Dodd-Frank Wall Street Reform and Consumer Protection Act aims to more closely regulate banks while protecting consumers from predatory lenders and other deceptive practices (see “Financial Services Reform Compromise Reached“). Ever since it was signed into law on July 21, financial service providers have been busy interpreting the law and figuring out how it will affect their day-to-day practices.
The two papers from Transamerica are titled “Wall Street Reform and the Financial Services Industry” and “Wall Street Reform and the American Public.” The first describes how the new financial reform law affects the business practices of financial service providers and the second describes what it will mean for consumers.
“Wall Street Reform and the Financial Services Industry” outlines:
- Potential effects for a financial professional and their business
- Components of proposed industry-wide oversight
- Implications of industry-specific oversight
- Estimated cost to the financial services industry
“Wall Street Reform and the American Public” includes details on:
- New consumer education programs
- Revised mortgage lending rules
- New government program offering free credit scores
Financial professionals can call the Transamerica sales desk at 1-800-851-7555 to request the papers.