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AARP Marks First Year of Financial Reform Law

July 21,2011              

CONTACT: Media Relations


Washington, DC –  Marking the first anniversary today of the passage of the “Wall Street Reform and Consumer Protection Act,” AARP welcomed the “substantial progress” toward ensuring that consumers have the information they need to make the best financial decisions and preventing abusive financial practices.  

On the one year anniversary of the signing of the “Wall Street Reform and Consumer Protection Act,” AARP applauded the steps that have been taken to help protect consumers from hidden fees and investment scams, and to require mortgage lenders, banks and other financial companies to provide clear information so consumers understand their financial choices.

“During the financial crisis, too many older Americans lost too much of their retirement and other savings due to the failure of an outdated and compromised financial regulatory system,” said Nancy LeaMond, AARP Executive Vice President. “When fully implemented, this law will establish new rules of the road that will help ensure older Americans get the clear, accurate information they need to make the best financial decisions for their families.  It will also help crack down on investment scams targeted at seniors.” 

LeaMond continued, “Already, the law is pushing credit card companies and mortgage lenders to simplify their forms so consumers won’t be hit with hidden fees or locked into mortgages they can’t afford.  And, once the new watchdog agency – the Consumer Financial Protection Bureau – is up and running, it will police payday lenders and debt collectors to make sure consumers aren’t scammed and give consumers a one-stop shop for reporting financial abuse and getting answers to questions about financial products and services.”

LeaMond pledged that AARP will continue to fight for consumer and investor rights by providing Congress and regulators critical information about what older Americans need to be safe from financial abuse.

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About AARP
AARP is a nonprofit, nonpartisan organization with a membership 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 35.1 million readers; AARP Bulletin, the go-to news source for AARP's millions of members and Americans 50+; AARP VIVA, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, 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.

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