CUNA Comment Call - CFPB - Senior Financial Exploitation
The Consumer Financial Protection Bureau (CFPB) has released a request for information regarding senior financial exploitation. The CFPB aims to facilitate the financial literacy of individuals aged 62 or older (seniors), on protection from unfair, deceptive, and abusive practices.
Specifically, the CFPB is interested in information on consumer financial products and services, financial literacy efforts, and fraudulent or deceptive practices that impact the lives of older Americans and their families.
As required by the Dodd-Frank Act, the CFPB’s Office for Older Americans (Office) will monitor certifications or designations of financial advisors who serve seniors and alert regulators, such as the Securities and Exchange Commission and state regulators, of certifications or designations that are unfair, deceptive, or abusive. Also, the Office will make legislative and regulatory recommendations to Congress regarding best practices to disseminate information regarding the legitimacy of financial advisors that serve seniors. Further, the Office plans to conduct research on best practices for educating seniors on personal finance management.
The CFPB intends to use this information request and its ongoing research to develop goals for programs that provide financial literacy and counseling to seniors.
Please submit your comments to CUNA by August 10, 2012.
Click here for CUNA's Regulatory Comment Call on this proposal, and contact Dennis Tsang with any comments or questions.