Director Rohit Chopra remarks at the Elder Justice Coordinating Council Meeting.
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 . 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.
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.
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.
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
Good morning. I would like to thank the Tampa community for hosting us so graciously and all of you for being here today. Since we established the Consumer Advisory Board (or CAB) five years ago, we have made sure that its membership spans the nation. We also make it a point to travel outside Washington, D.C. to learn more about consumers in different parts of the country. Yesterday we learned about this city’s history and visited a retirement community to hear more about the particular challenges facing constituencies such as older Americans.
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
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
At the Consumer Financial Protection Bureau, we are working to make financial markets function better for this country’s 320 million consumers. Of special interest to us are the special needs and circumstances of older Americans. We are devoting great efforts to protecting them from financial exploitation, promoting their economic security, and educating both them and […]
One in Five Older Americans Report Being Victims of Financial Exploitation WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued an advisory and a report with recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans. Financial exploitation, the illegal or improper use […]
Prepared Remarks of CFPB Director Richard Cordray at the American Bankers Association Annual Convention
It is a pleasure to be back at the American Bankers Association. Before I begin, I would like to take a moment to congratulate Governor Keating for his dedication to the financial services industry, and for his long and distinguished record of public service. During my time at the Consumer Bureau, it has been my […]
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 WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) and the New York Department of Financial Services (NYDFS) filed a lawsuit in federal court against two companies, Pension Funding, LLC and Pension Income, LLC, and three of the […]
We are honored to be here with Attorney General Herring today. The work he is doing to protect Virginians – especially older Virginians – sets a great example for other states to follow. I also want to thank the Greenspring community for hosting us, the Virginia Department for Aging and Rehabilitative Services, and the Virginia […]
The Consumer Financial Protection Bureau is working hard to make financial markets work better on behalf of 320 million American consumers. In particular, our new agency specifically recognizes the need to protect older Americans against financial exploitation and promote economic security later in life. With the aging of the baby boomer generation, that mission has […]
You might see enticing images of youthful retirees on the golf course or enjoying other leisure activities in a reverse mortgage advertisement. We looked closely at many ads and found incomplete and inaccurate statements used to describe the loans. Reverse mortgage ads don’t always tell the whole story, so consider these facts when you see advertisements.
Over one-third of the complaints that older consumers submit to us are related to debt collection. In some of these complaints, consumers told us that debt collectors threatened to garnish their benefits from Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and VA benefits, even though these funds usually can’t be garnished. Here’s important information about how these benefits are protected from garnishment.
Prepared Remarks of CFPB Director Richard Cordray at the White House Conference on Aging Regional Forum
Good morning. It is an honor to be here today alongside my colleagues who are stalwart champions of our seniors. We are here because we care about making sure that all Americans, throughout their lifespans, can have the opportunity to learn and develop skills, engage in productive work, make sound choices about their daily lives, […]
CFPB Issues Advisory Offering Tips to Borrowers on Protecting Family Members WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) released a report highlighting the top complaints for reverse mortgages. According to the report, consumers are frustrated with their loan terms, servicer runarounds, and foreclosure problems. To help consumers who already have a reverse […]
Bureau Issues Consumer Advisory with Tips for Older Americans Dealing with Harassing Debt Collectors WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a report highlighting debt collection as a top complaint for older Americans, many of whom say they struggle with debt in retirement. According to the report, some of the 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 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.