Its only taken a couple of years but it looks like we are finally going to take a few small measures to protect consumers over the benefit of large financial institutions. I for one, doubt that we’ll ever be able to make any laws with teeth until and unless we change the ability of special interest groups and lobbyists from influencing our law makers via cash.  That said, let’s take a look at the highlights of the bill.

Consumer Help

1. Your free credit report comes with an actual score this time!

2. Debit card swipe fees will be limited to save you some cash.

3. A consumer agency inside the Federal Reserve is being created to stop unfair practices in consumer loans.

4. Protection from lenders and yourself – no more unverified income loans.

5. The unemployed will get some mortgage help.

6. Tougher rules on those who sell Fixed-equity annuities

Breaking the Banks

1. New 10-member council to keep an eye out for major problems in the system.

2. The ability to break up big banks that threaten the system.

3. Greater checks on the Fed

4. “Skin in the Game” – if a bank sell a mortgage back security, you have to keep some of them to ensure you aren’t selling junk.

5. The banks have to pay for the bill! 19 Billion

Other Important Measures

1. Derivative regulation and forcing open derivative trading

2. Spinning off Swaps

3. Independent credit ratings – separate the ratings agencies and the firms needing ratings.

4. Watching executive pay