For instance, Mr. Bove pointed to last year’s credit card bill, which led banks to push up rates pre-emptively or reduce customers’ credit limits.

“You’re going to get a letter from your bank saying you now have to pay $1 to $15 a month to pay for this bill,” he said. “The banks are going to get the money back because the consumer is going to pay for the bill, and that’s the killer for the consumer.”

Regarding a provision that limits banks’ investments in hedge funds or private equity funds to no more than 3 percent of a fund’s capital, Mr. Bove said: “Who cares? They don’t put more than 3 percent anyway.”

John McDonald, a financial services analyst at Sanford C. Bernstein in New York, said there should be relief among investors, but the implementation would usher in a new phase of uncertainty.

“There is still a long way to go in terms of getting clarity on the key issues that investors are focused on, like required capital,” Mr. McDonald said.

Just take an issue like derivatives. It is still not clear what activities the banks will need to cordon off in a separate holding tank. Nor is it clear how much capital they will need, which is a major factor affecting the profitability of the business, he said.

One part of the legislation known as the Lincoln Amendment, for example, would demand the banks hold more capital. At the same time, another part that drives derivatives trading onto clearinghouses and exchanges could lessen, in aggregate, the amount of capital that banks must hold. “There are a lot of variables in the air,” Mr. McDonald noted.