Support for financial reforms strong with those over 50: AARP

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.