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The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) today launched a Spanish-language version of Money Smart for Older Adults. This free financial resource tool is designed to help aid older adults (age 62 and older) and their caregivers prevent, identify and respond to elder financial exploitation, which affects millions of senior citizens each year, with only a fraction of incidents reported.

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a guide to help assisted living and nursing facility staff better protect the people in their care by preventing and addressing financial abuse and scams. The guide helps staff recognize, record, and report financial mistreatment by family members or other trusted people handling the finances of an incapacitated adult. The guide also addresses prevention of a wide variety of financial exploitation and scams.

CFPB Issues Advisory about Managing Mortgage Debt in Retirement WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a snapshot report spotlighting the mortgage debt challenges faced by a growing number of older Americans. These challenges include more mortgage debt, less affordable housing, and greater risk of foreclosure. The CFPB is also issuing […]

Thank you for joining us today. As we say frequently, the mission of the Consumer Financial Protection Bureau is to help build a better, more sustainable consumer financial marketplace. An essential element to such a marketplace is educated consumers making informed decisions.

Today, the Consumer Financial Protection Bureau (CFPB) published four guides to help financial caregivers, particularly those who handle the finances of older Americans, carry out their duties and responsibilities in managing someone else’s money.

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 on to manage the finances of someone they love because their loved one is no longer able to do so.

Seven federal regulatory agencies today issued guidance to clarify that the privacy provisions of the Gramm-Leach-Bliley Act generally permit financial institutions to report suspected elder financial abuse to appropriate authorities.

Prepared Remarks of Richard Cordray Director of the Consumer Financial Protection Bureau Gramm-Leach-Bliley Press Call Washington, D.C. September 24, 2013 Thank you for joining us today. At the Consumer Bureau, we work to create a sustainable, thriving marketplace characterized by responsible business practices and informed consumers. In creating this new agency, Congress specifically recognized the […]

Remarks of Nora Dowd Eisenhower Assistant Director, Office for Older Americans Press call on GLBA Interagency Guidance Washington, D.C. Sept. 24, 2013 I am delighted to join Director Cordray and our federal agency colleagues in announcing this important interagency guidance today. I joined the Bureau recently to lead the Office for Older Americans, continuing a […]

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.

The newest addition to the FDIC’s Money Smart financial curriculum family, this stand-alone training module developed by both agencies provides information to raise awareness among older adults (age 62 and older) and their caregivers on how to prevent, identify and respond to elder financial exploitation, plan for a secure financial future, and make informed financial decisions.

Together with the FDIC, we are releasing Money Smart for Older Adults, a program to raise the awareness of older Americans and their caregivers about how to prevent, identify, and respond to elder financial exploitation.

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.

Over the past year, my office has been reviewing so-called “senior designations.” These are credentials financial advisers acquire to imply or indicate that they have special expertise in providing financial advice to seniors.

Older Americans are no exception, and in many cases they are the specific targets of unfair, deceptive and abusive financial practices.

The Bureau found that there are more than 50 different senior designations that financial advisers use to indicate that they have advanced training or expertise in the financial needs of older consumers. These designations can confuse older consumers, who are already at risk for deception and fraud.

Chairman Johnson, Ranking Member Crapo, and members of the Committee: I am honored to be here once again as the nominee to serve as the Director of the Consumer Financial Protection Bureau.

Since we first became an independent agency, the Consumer Bureau has been focused on the financial issues that are common to the everyday lives of most Americans. We were born out of the recent financial crisis, and our work is still in its early stages.

Today’s actions stem from a joint “sweep,” a review conducted by the CFPB and the FTC of about 800 randomly selected mortgage-related ads across the country, including ads for mortgage loans, refinancing, and reverse mortgages.

Our Office’s statutory mandate is to help provide consumers aged 62 and over with the tools they need to protect themselves from financial abuse and to make sound financial decisions.

Homeowners who want to use their home equity to enjoy a more comfortable retirement do have options. One option is a reverse mortgage, a special type of home loan for older homeowners.

According to one study, in 2010, older Americans lost at least $2.9 billion to the silent crime of financial exploitation, and it is estimated that for each case that is actually addressed by an agency or a program for victims, 42 others go unrecognized.

“Our older adult population is growing every year, which makes it even more critical that we study this issue. Today, the Bureau will launch a public inquiry to learn more about financial fraud of older Americans and the credentials of financial advisors who counsel them.”

Moreover, we need and want to hear from you. At every stage, I believe that input from Congress will help improve our work and our ability to deliver real value to American consumers. I look forward to an open dialogue with Congress on the many important issues that affect your constituents and consumer financial markets nationwide.

I am honored to serve as the first Director of the Bureau and to work with the talented and committed team we are building there.