A process for preparing aqueous dispersions of polymers containing oxazoline groups, by aqueous emulsion polymerization initiated by free radicals. The polymerization are carried out in two stages. In the first polymerization stage, an α,β-monoethylenically unsaturated compound having at least one acid group, an monoethylenically unsaturated compound having at least one carboxylic acid amide group, a monoethylenically unsaturated compound having at least one carboxylic acid amide group are copolymerized. In the second polymerization stage, a monoethylenically unsaturated compound having at least one oxazoline group, a monoethylenically unsaturated compound having at least one carboxylic acid amide group and an ethylenically unsaturated compound are copolymerized with the final product from the first polymerization stage.