(Offline)
I came across this good post at Consumerism Commentary. They have made a point of looking at what's going to affect the average American.
Financial literacy
There will be an Office of Financial Literacy created to teach Americans about savings, loans, liens and fees. There are a lot of complicated details involved in large purchases. This office, as well as other parts of the bill, intend to simplify such transactions as well as provide greater clarity to consumers. There will also be a new national consumer complaint hotline (toll-free, of course) for Americans to report problems with financial products and services.
Interchange (swipe) fees
As Flexo already reported, swipe fees will be studied and could be capped at a lower rate than they currently enjoy. American rates are at least four times higher than other countries, for the same service. This should mean that smaller Mom and Pop stores will find it easier to stay open, and merchants will be allowed to offer discounts to their customers for paying with methods that cost the stores less to process. Stores are also now allowed to designate a minimum purchase required to use plastic, which many stores were doing anyway.
Interest paid on checking accounts
I knew it was rare for checking (or demand deposit) accounts to pay interest, but I didn’t realize it was prohibited. The new law removes that prohibition.
Here's the rest - http://www.consumerismcommentary.com/the-new-financial-regulation-law-an...
I think the Office of Financial Literacy creation is a fantastic move. Many that have no idea what they are doing when it comes to financial management and some of that's because the language terms its discussed in are far too complex. I really like the hotline idea as well.
The best way for a person to have happy thoughts is to count his blessings and not his cash. ~Author Unknown