In the Dodd Bill, “Bank” Could Mean Anyone

David C. John / April 28, 2010

The Dodd financial reform bill is beginning to scare executives. However, it is not necessarily scaring bankers or Wall Street fat cats. It is scaring motor cycle manufacturers, college presidents, retailers, car dealers, and even coffee shop executives. All of these people and more are waking up to the Dodd bill’s threat to their businesses.

If you read the Dodd financial reform bill carefully, the words “bank” or “financial” could refer to many more people than just bankers. Those words apply to any provider of “financial products” even if the major business of the company is something completely different. On page 131, the summary of the bill’s section creating a new Consumer Financial Protection Bureau says that the section “makes clear that financial products or services defined in the Act that are offered or provided for use by consumers primarily for personal, family, or household purposes are considered to be “consumer financial products or services” for purposes of this Act. (more…)