By Charlene Crowell 
NNPA Financial Writer

After two weeks of intense negotiations by a joint Capitol Hill conference committee, Washington lawmakers finally reached agreement on the single largest financial reform package since the 1930s New Deal. The new reforms would establish stronger protections against abusive mortgages, help borrowers facing foreclosures, establish a strong Consumer Financial Protection Bureau, and rein in many of the risky activities of Wall Street and the large banks. Additionally, $2 billion will be equally shared in support of foreclosure prevention assistance and supplemental funding for the Neighborhood Stabilization Program (NSP).

The relationship between consumers and credit card companies is in the midst of a dramatic shift. New regulations signed into law last year by President Obama are set to take effect Feb. 22, and they’re impacting the ways Americans qualify for, obtain and use their credit cards.
The first wave of guidelines associated with the Credit CARD Act of 2009 went into effect last year, such as a 21-day statement mailing requirement. Now, the majority of reforms are set to alter the credit landscape.