https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Thu, 16 Apr 2026 14:35:08 +0000 https://boards.hellobee.com/topic/unpacking-the-dodd-frank-repeal-what-does-this-mean-for-the-average-voter#post-2695941 Fri, 10 Feb 2017 20:06:57 +0000 charlotte 2695941@https://boards.hellobee.com/ <p>@Mama Bird: he probably means the Department of Labor's new fiduciary rule which is set to take effect in April. Trump has asked the DOL to look at that one as well though and the compliance date may be pushed back. </p> <p>I agree with your relative that regulations that apply equally to Merrill Lynch and to one or two person practices can be a huge burden to the small providers. The banks: brokerages can afford tons of compliance and legal staff. Its also frustrating for some because advisors are already regulated by the SEC and obligated to act in clients' best interest. This new rule just means more paperwork and compliance work for them, not any really improvement for their investors. On the other hand, brokers are not held to a fiduciary standard and I have no doubt that many, many investors don't know that they're basically dealing with a salesperson NOT a true advisor (in some cases). It would be nice to find a way to protect and educate investors without every single agency (SEC, DOL, state regulators, and more) piling new rules on to small businesses who are already working to do their best for clients. </p> <p><a href="http://www.financial-planning.com/news/rias-are-underestimating-the-impact-of-the-dol-fiduciary-rule" rel="nofollow">http://www.financial-planning.com/news/rias-are-underestimating-the-impact-of-the-dol-fiduciary-rule</a> </p> https://boards.hellobee.com/topic/unpacking-the-dodd-frank-repeal-what-does-this-mean-for-the-average-voter#post-2695882 Fri, 10 Feb 2017 18:07:54 +0000 Mama Bird 2695882@https://boards.hellobee.com/ <p>I've got a relative in investment who complains that small investment advisors will go under because only big banks can deal with the additional regulations. He said some new requirement is due to kick in this spring, but I'm not sure what exactly he's talking about...</p> <p>As for mortgages... just in my personal experience, we recently applied for pre approval and had to fill out about the same paperwork as we did some six years ago. The pre approval number was ridiculously high though, about 150K over what we could realistically live with before we'd start eating into savings. </p> https://boards.hellobee.com/topic/unpacking-the-dodd-frank-repeal-what-does-this-mean-for-the-average-voter#post-2695846 Fri, 10 Feb 2017 17:05:40 +0000 Mrs. Lemon-Lime 2695846@https://boards.hellobee.com/ <p>Although I hear an earful about this since DH is a regulator I still don't understand out it was supposed to protect consumers. DH always poses the same question: did I notice a difference in the amount of paperwork required to secure our mortgages, first time vs second time, or the amount of stuff we had to sign, first time vs second. Nope. The point is consumers still don't know what they are getting into. </p> https://boards.hellobee.com/topic/unpacking-the-dodd-frank-repeal-what-does-this-mean-for-the-average-voter#post-2695845 Fri, 10 Feb 2017 17:04:09 +0000 Mrsbells 2695845@https://boards.hellobee.com/ <p>@Anagram: the main purpose of Dodd frank was to ensure financial institutions couldnt repeat what they did last time such as betting against their own terrible mortgages that were only backed by junk bonds. they deliberately approved terrible term mortgages to people who couldnt pay so that when that mortgage fell through they would profit since they bet against it.<br /> Since Dodd frank its harder to get a loan which is a good because the bank ensures they only give out the right loan amount in comparison to your earnings and risk level. So reversing it will lead to another recession which wall street wont mind since they profited "bigly" from the last one </p> https://boards.hellobee.com/topic/unpacking-the-dodd-frank-repeal-what-does-this-mean-for-the-average-voter#post-2695820 Fri, 10 Feb 2017 16:39:24 +0000 Modern Daisy 2695820@https://boards.hellobee.com/ <p>so when Lehman bros and bear sterns went under suddenly and seemingly without warning and the next day the government had to bail out AIG they realized that no one had been monitoring the large financial institutions or the small hedge funds who shorted mortgage back securities. Dodd frank was kind of put together with a hot glue gun with the intention of really not getting caught with our pants down again by creating several new agencies, laws and rules that put all financial institutions under more scrutiny. Everyone knew it was the largest companies who screwed everything up and basically colluded with each other, so the intention of Dodd frank was really to go after them. But for whatever reason in reality it's only hurt smaller community banks that don't have such a large loan portfolio and in turn hurt the consumers who would have benefited from those loans. So it was a good idea in theory and we still need more regulation (not less), but it failed to do what was intended. </p> https://boards.hellobee.com/topic/unpacking-the-dodd-frank-repeal-what-does-this-mean-for-the-average-voter#post-2695721 Fri, 10 Feb 2017 14:37:27 +0000 Anagram 2695721@https://boards.hellobee.com/ <p>It seems like there are several components. The republicans are saying Dodd-Frank has caused banks to stop lending to small businesses and middle/lower class people. But the democrats are saying the fiduciary rules in Dodd-Frank protect the consumer from financial advisers who may be making decision based on bonuses, trips, fees they get, etc. </p> <p>I know we have some financial advisers here on HB, so I'd love to parse out some of these individual issues. </p> https://boards.hellobee.com/topic/unpacking-the-dodd-frank-repeal-what-does-this-mean-for-the-average-voter#post-2695667 Fri, 10 Feb 2017 13:54:53 +0000 looch 2695667@https://boards.hellobee.com/ <p>I'd love to get a good understanding of what they are proposing to repeal. A lot of work has been done globally to prevent this stuff from devastating economies again, and I don't think the global economy shares the same views as the GOP. </p> https://boards.hellobee.com/topic/unpacking-the-dodd-frank-repeal-what-does-this-mean-for-the-average-voter#post-2695629 Fri, 10 Feb 2017 13:20:30 +0000 lawbee11 2695629@https://boards.hellobee.com/ <p>I've done some reading about Dodd-Frank over the last couple of weeks but still find it very confusing. The gist of what I've read seems to be that the GOP thinks Dodd-Frank is regulatory overreach. They think it's too restrictive on banks. It's meant to protect consumers, so if it's repealed then I think there's concern that we could have a repeat financial crises like we did in 2008. </p> https://boards.hellobee.com/topic/unpacking-the-dodd-frank-repeal-what-does-this-mean-for-the-average-voter#post-2695616 Fri, 10 Feb 2017 13:04:57 +0000 Anagram 2695616@https://boards.hellobee.com/ <p>I don't know whether to put this under politics or finance, but let's have a thread where we talk about:</p> <p>1)What was the Dodd-Frank rule, and why was it originally created?</p> <p>2)What is the GOP's reasons for wanting to repeal it?</p> <p>3) what does all this mean for the average citizen? </p>