Summary
This month, bankers lost a major battle with retailers over debit- card swipe fees, the latest fight in what promises to be a much larger and longer struggle to shape the most extensive overhaul of financial services regulation since the Great Depression.
The Dodd-Frank law, also known as the Wall Street Reform and Consumer Protection Act, is nearly a year old and as regulators write the rules to implement it, lobbyists for banks and other financial services companies are determined to influence the outcome.See the full content of this document
Extract
Banks Fight Back
"It's the Afghanistan war of financial services," said Travis Plunkett, legislative director of the Consumer Federation of America. He expects full implementation of the law to take 10 years or more amid a lobbying scenario that favors bankers.
"They have the resources to hire the lawyers, the actuaries and the economists to weigh in...See the full content of this document
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