CFPB Sues Comerica Bank for Systematically Failing Disabled and Older Americans
The CFPB sued Comerica Bank for systematically failing its 3.4 million Direct Express cardholders - primarily unbanked Americans receiving federal benefits.
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Agencies Issue Statement on Elder Financial Exploitation
Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation.
CFPB and CMS Take Action to Stop Illegal Billing of Lowest-Income Medicare Recipients
The Consumer Financial Protection Bureau and the Centers for Medicare and Medicaid Services issued a joint letter to protect millions of Medicare beneficiaries living at or below the poverty line from unlawful medical bills.
CFPB and FDIC Release Enhanced Version of Money Smart for Older Adults
The Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC) today announced the joint release of an enhanced version of the award-winning financial education curriculum, Money Smart for Older Adults. The enhanced version includes a new section to help people avoid “romance scams” and an updated resource guide. The enhancements to Money Smart for Older Adults are based on stakeholder feedback and recent research conducted by the FDIC and CFPB for this collaborative effort.
Consumer Financial Protection Bureau Takes Action Against Payment Processor and Its Former CEO for Supporting Internet-Based Technical-Support Scams
Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard in 2015 and wound down business operations in March 2019.
CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud
The Consumer Financial Protection Bureau released an online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse.
CFPB Study Highlights Challenges Retirees Face to Meet Expenses in Early Years of Retirement
The Consumer Financial Protection Bureau released a first-of-its-kind study examining the financial resources and expenses of retirees during the first five years of retirement among Americans who retired between 1992 and 2014.
CFPB Releases Financial Well-Being Report with State-by-State Comparisons
The CFPB issued a report with state-by-state comparisons of financial well-being scores.
Consumer Financial Protection Bureau Recommends Financial Institutions Report Suspected Financial Exploitation of Older Adults
The Consumer Financial Protection Bureau (Bureau) today issued an updated advisory to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation.
Bureau of Consumer Financial Protection to Hold Press Availability After Town Hall in Baton Rouge, La.
Press Availability with Acting Director Mick Mulvaney.
CFPB Report Warns That Taking Out a Reverse Mortgage Loan Can Be an Expensive Way to Maximize Social Security Benefits
CFPB Releases Consumer Guide and Video Explaining Reverse Mortgages.
CFPB Monthly Snapshot Spotlights Complaints from Older Consumers
Report Shows Older Consumers Report Problems with Reverse Mortgages, Scams, Credit Cards, and Add-On Products.
CFPB Warns Student Loan Servicing Problems Can Jeopardize Long-Term Financial Security for Older Borrowers
Growing Concerns as Number of Older Student Loan Borrowers Quadruples, Amount of Debt Per Senior Borrower Doubles in Last Decade.
Consumer Financial Protection Bureau Report Finds Hundreds of Counties Nationwide Fighting Elder Financial Abuse with Community Efforts
CFPB Issues Guide and Best Practices to Help Communities Create Protection Partnerships for Seniors.
CFPB Issues Advisory and Report for Financial Institutions on Preventing Elder Financial Abuse
One in Five Older Americans Report Being Victims of Financial Exploitation The Bureau today issued an advisory and a report with recommendations for banks...
CFPB and New York Department of Financial Services Sue Pension Advance Companies for Deceiving Consumers About Loan Costs
Companies Hid Loan Interest Rates and Fees and Deceived Consumers About Other Terms of the Deal Today the Bureau and the New York Department of Financial...
CFPB Report Highlights Consumer Frustration Around Reverse Mortgages
CFPB Issues Advisory Offering Tips to Borrowers on Protecting Family Members Today the Bureau released a report highlighting the top complaints for reverse...
CFPB Report Finds Debt Collection Tops Older Consumer Complaints
Bureau Issues Consumer Advisory with Tips for Older Americans Dealing with Harassing Debt Collectors Today, the Bureau released a report highlighting debt...
FDIC and CFPB Collaborate to Develop a Spanish-Language Tool for Older Adults to Prevent Financial Exploitation
The Federal Deposit Insurance Corporation (FDIC) and CFPB today launched a Spanish-language version of Money Smart for Older...
CFPB Helps Assisted Living and Nursing Facilities Protect Seniors from Financial Abuse
Today, the Bureau released a guide to help assisted living and nursing facility staff better protect the people in their care by preventing and addressing...
CFPB Spotlights Mortgage Debt Challenges Faced By Older Americans
CFPB Issues Advisory about Managing Mortgage Debt in Retirement Today, the Bureau released a snapshot report spotlighting the mortgage debt challenges faced...
CFPB Releases Guides For Managing Someone Else’s Money
Today, the Bureau published four guides to help financial caregivers, particularly those who handle the finances of older Americans, carry out their duties...
Nora Dowd Eisenhower Remarks on Release of Managing Someone Else’s Money Guides
Today, we are releasing the Managing Someone Else's Money guides to help Americans of all ages better understand their responsibilities if they are called...
Federal Regulators Issue Guidance on Reporting Financial Abuse of Older Adults
Seven federal regulatory agencies today issued guidance to clarify that the privacy provisions of the Gramm-Leach-Bliley Act generally permit financial...
FDIC and CFPB Collaborate to Develop a Tool for Older Adults to Prevent Financial Exploitation
The newest addition to the FDIC's Money Smart financial curriculum family, this stand-alone training module developed by both agencies provides information...