Financial Reform Is Moving Into the Spotlight - AARP Bulletin

Financial Reform Is Moving Into the Spotlight

Most AARP members think banks should do a better job explaining the terms of consumer loans, and this will happen if Congress enacts new regulations that have been debated for a year. Members want terms and conditions explained in plain language, according to a recent AARP survey. Now, Congress and the Obama administration seem to be nearing consensus on such regulations. Legislation that has passed the House would demand accountability from financial institutions, so consumers can more easily figure out the cost of mortgages, credit card debt and other loans, say backers of the bill. Senate Banking Committee Chairman (D-Conn.), Sen. (R-Ala.) and Sen. (R-Tenn.) are negotiating details of a comparable Senate bill. “Older Americans, whose retirement nest eggs were decimated by the failure of an outdated and compromised financial regulatory system, overwhelmingly say they want reform,” said AARP Executive Vice President Nancy LeaMond. The bills propose an independent agency to monitor compliance, an idea that sparked controversy but is supported by the administration. “It’s very hard, given the damage caused by this crisis, for anyone to stand up and say, ‘We don’t need strong protections for consumers and we don’t need to limit risk-taking in the financial sector,’ ” said Treasury Secretary . Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures

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