A recent two thousand page bill is aimed to tackle subjects ranging from an increase of FDIC insurance, banking reserves, overdraft rules, and many more.  The Dodd-Frank Wall Street Reform and Consumer Protection Act is legislation that will affect almost every financial institution that functions in the United States. 

One of the more deliberated portions of the law is associated to bank overdraft fees.  In 2009 alone, it is estimated that banks collected about thirty seven billion dollars in overdraft fees.  The current Dodd-Frank Act will further increase restrictions to overdraft fees that were previously implemented by the Federal Reserve.  It is estimated that these added restrictions will cost the banks an additional two billion dollars per year. 

Another change from the Dodd-Frank Act requires credit card providers to increase the number of days provided before they are able to raise interest rates.  While sustaining the option to pay off on the previous terms, the new law demands fair application of payments as well as reasonable due dates.  Several provisions of the act also aims to protect young individuals with credit cards.  It restricts issuance fees on fee harvester cards as well as clarifies disclosures the credit card providers must give the consumers.  Banks are now required to review rate increases every six months and fees and penalties are greatly restricted.  Gift card protections is also part of the bill.  Although these changes seems beneficial to consumers in general, credit card companies will most likely find ways to side step the regulations. 

Other changes and reforms to the credit card industry come from the Justice Department.  In a recent case involving MasterCard and Visa, the Justice Department had brought up charges of anti-competition practices by the major payment processors.  Both Visa and Master card settled the case, which will allow merchants to give discounts for customers who use cash.  However, American Express is fighting the case, implying that it will only influence the type of cards a consumer would choose to use.  It is expected that the suit may take a long time to resolve.