The new 2,000-page financial reform bill has now been signed into law.  What does this mean to the average consumer?  I think only time will tell.  Something has to be done but I wonder if anyone actually truly understands the ramifications?  But, here are some of the immediate changes to personal finances:

1. FDIC insurance increase. The law makes the increase in the FDIC insurance limit to $250,000 permanent. The Dodd-Frank Act also provides unlimited FDIC insurance for noninterest-bearing transaction accounts in all banks effective on Dec. 31, 2010, and continuing through Dec. 31, 2012.
2. New consumer watchdog. The new Consumer Financial Protection Bureau (CFPB) will supersede all current regulatory authority for banks with assets over $10 billion, primarily for businesses that engage in mortgage origination, payday lending, debt collection, student lending and credit cards. Pinnacle will continue to be overseen by its current regulators.
3. More mortgage protections. The law requires lenders to verify borrowers’ income and assets. Interim home-appraisal rules will ensure appraiser independence.
4. Free credit score. Everyone is entitled to one free credit report a year from each of the three big credit bureaus, but now consumers also can see their credit score for free if it negatively affects them in a financial transaction or hiring decision.
5. Minimum/maximum credit charges. Merchants will be allowed to insist on a minimum purchase for any payment by credit card. Colleges and federal agencies will be allowed to set maximums for credit-card charges.

I am giving a lot of thought to personal accountability!  This is merely a forum for consideration and a way for me to mentally examine.  There are absolutely people who have medical genetic predispositions to illness or incapacity, there are those who have unforeseen accidents and those born with existing disabilities.  There are definitely people who didn’t understand the loans they were getting, there were some who were blatantly misinformed and those (like a lot of us) who couldn’t imagine the level of adjustment in our real estate and stock markets.  There are those who have endured generational poverty, those with no parent or lineage to guide them regarding money and those who suffer medical emergencies or catastrophic weather set-backs.  Somewhere, somehow we have to teach, learn and share “personal accountability” so that our world can become a better place.  We have to honor our health and physical fitness by committing to a real, not imagined, work-out schedule and eating a truly healthy diet.  We have to research our financial decisions and we have to value saving our money, by actually taking a portion out of whatever money we are making and placing it into some kind of savings.  We have to respect ourselves enough to own up to our own mistakes.  The government (as a separate, distant entity) certainly can’t fix it all and remember we ARE the government (after all, where does government get its money??), so when we say “they need to… (fill in the blank)” that means that “we need to… (fill in the blank)”.  Just a thought…..