When servicemembers think of caregiving, odds are they think of the courageous families who care for our wounded warriors. But, some servicemembers themselves may one day face the challenge of another type of caregiving: helping a family member who is aging, sick, or has a disability and needs full-time care. Today, 1 in 8 Americans […]
This May is the 50th anniversary of Older Americans month. This year’s theme – Unleash the Power of Age – is an inspirational reminder of the achievements, expertise, and wisdom that age brings. Use this month – and the months ahead, to celebrate your – or your older family members’, friends’, and colleagues’ – talents and gifts.
When it comes to choosing a financial adviser, you should work with an adviser you trust because he or she can help you make important financial decisions. It can be hard to know who has the real expertise—especially for seniors. Over the past year, we have been reviewing the credentials used by financial advisers who […]
In the brief time since I started here at the CFPB, we have accomplished an amazing amount for older Americans. The time has flown by at jet speed. Among other things, we’ve: Increased the focus on issues affecting seniors, including in particular elder financial exploitation and diminished capacity for financial decision-making. Helped the Bureau produce […]
This post is part of a series for National Consumer Protection Week National Consumer Protection Week is an opportunity to talk about a particularly troubling and challenging consumer protection issue – elder financial abuse and exploitation. Understanding what elder financial exploitation can look like and why it can be hard to spot can help you […]
This post is part of a series for National Consumer Protection Week National Consumer Protection Week provides an opportunity to talk about a particularly troubling and challenging consumer protection issue – elder financial abuse and exploitation. Understanding what elder financial exploitation can look like and why it can be hard to spot can help you […]
Buyer beware – Potentially deceptive mortgage ads are targeting veterans and older Americans
Today, along with the Federal Trade Commission (FTC), our Office of Enforcement sent letters to a number of lenders concerning potential violations of the Mortgage Acts and Practices – Advertising (MAP) Rule, a new rule that took effect in August 2011. The MAP Rule addresses claims and statements in mortgage advertising that may be misleading […]
Yesterday, I testified in front of Congress about the work we’re doing for older Americans and wanted to share directly with you what we’re up to, as well. This work is incredibly important to me – and our Office for Older Americans as a team is thrilled to be getting to work on what has […]
We took an important step today towards looking out for older American consumers. Director Richard Cordray announced a public inquiry to learn more about the many ways in which older Americans are financially exploited and about the best practices for elder financial management.
We want to hear from you – especially those of you working directly with seniors – about these issues. How can seniors best determine the legitimacy of the credentials of financial planners and advisors? What information do you have on what financial education, counseling, or management programs are tailored to the unique needs of older Americans, their families, and their caregivers?
Last week, I was back in Florida. Stetson University’s College of Law invited me to speak at its annual Elder Consumer Protection Law Day. It was a beautiful day in Tampa Bay! I started the day with an early morning “Think Tank” breakfast – a meeting of regional leaders coming together to discuss ideas and […]
Last week, I had the good fortune to spend two full days in Memphis, Tennessee, with my friend and colleague, Holly Petraeus, who heads the CFPB’s Office of Servicemember Affairs. I was in Memphis because of a great organization called RISE, whose name stands for embracing responsibility, initiative, solutions and empowerment. It is one of […]
When Utah Attorney General Mark Shurtleff invited me to Salt Lake City to meet with him, state and local senior services, and law enforcement groups, I jumped at the opportunity. I wanted to see how Utah is handling the opportunities and challenges of a booming senior population. Utah has the sixth-fastest growth rate in the […]
Last month, my team and I traveled to Chicago, Illinois, to learn more about that state’s efforts to protect seniors from financial abuse and to share information about some of our current projects. Why Illinois? Estimates from the Illinois Department on Aging indicate that 58 percent of reported elder abuse in Illinois last year was […]
According to the Maine Attorney General’s Office, there are an estimated 14,000 incidents of elder abuse annually in Maine, and at least 84 percent of them go unreported. There are many types of elder abuse, including financial exploitation, and it’s important to increase our understanding of how to spot and prevent it. On Monday, Dec. […]
Since starting work at the Consumer Financial Protection Bureau (CFPB) three weeks ago, I have traveled from coast to coast to meet with seniors who have suffered from financial scams. In my travels, I have gained many valuable insights and heard too many stories of people taking advantage of the elderly. I plan on bringing […]
Greetings. I’m Skip Humphrey, and I’m excited to begin work at the Consumer Financial Protection Bureau (CFPB) as the head of the Office of Older Americans. I grew up in a household where it wasn’t enough to just have a point of view. My parents taught me that if I had a problem, I needed […]