The Senate voted to move forward with the Dodd-Frank Wall Street Reform and Consumer Protection Act, 60-38, and will likely begin a final vote around 2 p.m. today. Bankrate will be rolling out a series of articles detailing what the legislation means for you.
On the credit side, the act would require companies that deny credit or insurance or take any other adverse action against a consumer because of his or her credit score, to disclose the credit score used. In most cases, people turned down for credit will see their FICO score.
The act would also allow the Federal Reserve to establish standards for determining whether interchange fees for debit cards are reasonable and proportional to the cost incurred by the issuer for the transaction. New rules would also allow merchants to provide a discount for using one payment method over another, such as cash instead of credit cards, and could set a minimum for credit card purchases of no more than $10.
Stay tuned for more details.
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