Tuesday, August 14, 2012

CFPB, Office of Older Americans, seeks info on exploitation of older persons by financial advisors

On June 15, 2012, World Elder Abuse Awareness Day, Director Cordray announced a Request for Information (RFI) to learn more from the public about the growing issue of financial exploitation of older Americans and best practices for elder financial management. A recent study suggests elder financial abuse cost seniors more than $2.9 billion in 2010, a 12 percent increase from 2008.
The goals of the RFI are: 

  1. To help us understand the senior financial advisor market so we can improve protections for older Americans. 
  2. To help make the work of the office for Older Americans more effective. 

Read and respond to the RFI: 
The RFI poses the following questions: 

  • How seniors can best determine the legitimacy of the credentials of financial planners and advisors. 
  • What financial education, counseling, or management programs are tailored to the needs of older Americans, their families, and their caregivers. 
  • Asks for information about power of attorney and guardian abuse, affinity frauds, and the exploitation of older veterans. 

The RFI closes Monday, August 20th. We want your voice to be part of the record.
The information you provide us will help us better understand the issues of elder financial abuse and other forms of exploitation.
Thank you, 
Skip Humphrey 
Assistant Director for Older Americans 

The Consumer Financial Protection Bureau


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