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:

http://www.regulations.gov/#!documentDetail;D=CFPB-2012-0018-0001

 

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.

Please share what you are seeing and experiencing.

 

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

P.S. -- For more information on the Office for Older Americans and to read our blog, go to http://www.consumerfinance.gov/older-americans/