FOR IMMEDIATE RELEASE
January 20, 2010
AARP Media Relations
AARP to Senate: Fight for Consumer Financial Protection
INSIDE THE BELTWAY ADS URGE CONGRESS TO KEEP CFPA IN INVESTOR PROTECTION BILL
WASHINGTON, DC – AARP continues to urge the Senate to create the strongest possible financial regulatory reform and fight for an independent Consumer Financial Protection Agency. Ads appearing today in Capitol Hill news outlets will remind Senators that older Americans are counting on them to pass financial reforms that will protect their retirement security.
“Older Americans were among the groups hit hardest by the financial downturn,” said Nancy LeaMond, Executive Vice President at AARP. “The Senate now has the ability to protect investors through greater transparency and strengthen enforcement of banking laws so that Americans’ retirement dreams can remain intact.”
AARP calls for increased consumer protection, including an independent agency that will work on behalf of consumers, creating common sense regulations that arm consumers with information, increase accountability in the banking and financial industry and streamline and unify consumer protection efforts currently taking place in seven agencies.
“Research has shown that older adults not only borrow at higher rates and pay more fees for various financial products but are also targeted by abusive payday lenders and disproportionately impacted by bank overdraft fees,” said LeaMond. “Banks and financial institutions must be held accountable to their customers, and the Senate can make that happen by creating the CFPA.”
For more information, please call Alejandra Owens at 202-434-2560 or visit www.aarp.org.
AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world’s largest-circulation magazine with over 35.5 million readers; AARP Bulletin, the go-to news source for AARP’s nearly 40 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.