January 18, 2013
Is there a Role for CFPB in Regulating Retirement Savings Industry?
The Consumer Financial Protection Bureau is considering whether it has the authority to protect retirement savings, reports Bloomberg. Richard Cordray, bureau director, provided no additional details. The Bureau's concern is that retirees may fall prey to financial scams as they confront the difficulties of inadequate savings and low investment returns. The SEC and the Dept of Labor have authority to regulate many types of retirement savings funds, but investor advocates have expressed concern about the vigor of their efforts. Bloomberg, Retirement Savings Accounts Draw U.S. Consumer Bureau Attention
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