Seniors get a dedicated Office of Financial Protection for Older Americans within the Consumer Financial Protection Bureau to promote financial literacy, keep an eye on financial advisers who service senior citizens and coordinate with other government agencies to protect seniors from financial fraud.
But beyond that, this financial reform legislation tightens regulations on investing and reverse mortgages, two areas that affect seniors in particular, says Cristina Martin Firvida, director of economic security for the Washington D.C.-based AARP.
"Older consumers and investors in particular have a lot here to be happy with," Martin Firvida says. "We will see a lot of new protections around the area of reverse mortgages, and typically older homeowners tend to take a reverse mortgage so that's been an important win for us."
Martin Firvida also cites the act's treatment of so-called "senior designations," or credentials that mark a financial adviser as an expert in managing seniors' finances. The legislation contains incentives for states to adopt more stringent standards for who qualifies for such designations, Martin Firvida says.