Support for financial reforms strong with those over 50: AARP

Support for financial reforms strong with those over 50: AARP
More than half of those surveyed by AARP want Dodd-Frank reforms on consumer protection implemented
MAR 27, 2012
Older Americans want to see the Dodd-Frank Wall Street financial reforms implemented, and an overwhelming majority of them think it's important to protect people from predatory lending practices, according to a new AARP survey. About 58% of older Americans said they believe the financial industry reforms approved in 2010 should be allowed to take effect, the survey of 1,003 adults 50 and over found. Conversely, about 20% said they would support congressional proposals to repeal Dodd Frank. Republicans have introduced legislation that would repeal all or parts of the 849-page bill, particularly attacking creation of the Consumer Financial Protection Bureau, which is seeking to make sure mortgages, banking accounts, credit cards, student loans and other financial products are fair for consumers. It began operating in July and has received more than 22,000 complaints to date. About 95% of the seniors surveyed Dec. 12 through Jan. 18 said they believe that people should be protected from lenders who charge excessive fees and penalties on products such as mortgages and credit cards, AARP said. That's an increase from 89% in a similar 2010 survey. “AARP has fought for years to improve the financial security of our members and all older Americans, and the Wall Street Reform Act marked an historic achievement in this arena,” said Joyce Rogers, senior vice president for AARP. “We are committed to continuing our work to ensure this law is implemented in the best interest of all Americans.” A Chamber of Commerce-sponsored survey released in November said Americans were less likely to support the CFPB when they were given details on how it operates. In that survey, about 68% said they were less likely to support the CFPB after being told the bureau “has access to more than a half billion dollars in government funding each year, and does not need congressional approval to spend this money.” Republican presidential candidate Mitt Romney has said he will repeal the Dodd Frank legislation if he lands in the White House.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.