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

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

Apella Wealth comes to Washington with Independence Wealth Advisors
Apella Wealth comes to Washington with Independence Wealth Advisors

The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.

Citi's Sieg sees rich clients pivoting from US to UK
Citi's Sieg sees rich clients pivoting from US to UK

The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.

US employment report reactions: Overall better than expected, but concerns with underlying data
US employment report reactions: Overall better than expected, but concerns with underlying data

Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.