Older Americans are attractive targets for fraudsters, because some older Americans have wealth. U.S. households aged 65 and over had a net worth of approximately $18 trillion in 2009. Older adults may be victimized by a broad range of perpetrators, including scam artists, family members, caregivers, financial advisers, home repair contractors, guardians and others.
Thank you Chairman Terry, Ranking Member Schakowsky, and distinguished members of the Committee for the opportunity to speak with you today about the Consumer Financial Protection Bureau and its work to address the devastating problem of elder financial exploitation.
Testimony of Gail Hillebrand before the House Subcommittee on Financial Institutions and Consumer Credit
That rule implements the general ability to pay provision of the Credit CARD Act. The CARD Act addresses a series of problems that existed in the credit card marketplace when the Act was passed in 2009.