WASHINGTON – The Consumer Financial Protection Bureau (CFPB) today announced the selection of Hubert H. (“Skip”) Humphrey III to head up the newly established Office of Older Americans. Humphrey has spent much of his professional life working to protect consumers, serving first as a state Senator and later as Attorney General of Minnesota. He has also worked on behalf of seniors as president of the Minnesota AARP and, until recently, served on AARP’s national board.
“As baby boomers join the ranks of the retired, their hard-earned savings should help them realize opportunities, not serve as the target of deception and fraud,” noted Raj Date, the Special Advisor to the Secretary of the Treasury on the CFPB. “Skip’s experience as a state Attorney General and state Senator, and his work with seniors in his home state of Minnesota as well as on the national front, make him a perfect fit to lead the Office of Older Americans.”
The Dodd-Frank Wall Street Reform and Consumer Protection Act directs the CFPB to create an office within the agency to address the needs of older Americans, defined as those 62 and over. This office is tasked with improving the financial decision-making of seniors and preventing unfair, deceptive, and abusive practices targeted at seniors.
“I am honored and excited to bring my experience in consumer protection and my work with seniors to the CFPB to help educate seniors about fair practices and how to make financial decisions that are right for them,” said Humphrey. “A well informed consumer is the best protection against fraud and deceptive practices – especially if that knowledge is backed up by tough regulatory enforcement.”
Seniors have been hit hard by the economic crisis. Even if they planned well, they’ve seen their retirement savings and home equity shrink. Making it worse is the growing epidemic of elder financial abuse that puts their savings and homes at risk.
The Office of Older Americans will help seniors navigate these financial challenges by:
- Educating and engaging seniors about their financial choices in the area of long-term savings, retirement planning, and long-term care;
- Reaching out to and coordinating with senior groups, law enforcement, financial institutions, and other Federal and state agencies to identify and prevent scams targeting seniors;
- Using information from the field along with direct input from seniors to identify trends and bad practices in a timely and effective way; and
- Protecting seniors from fraud and deception in financial counseling services.
Skip Humphrey has broad management and policy experience. He served in Minnesota for nearly three decades, as state Senator for 10 years and state Attorney General for 16 years. After leaving elective office, Mr. Humphrey returned to the private sector where his roles included senior vice-president at Tunheim Partners, a communications and public affairs management company, and teacher and advisor for graduate level courses at the University of Minnesota’s School of Public Health, Law School, and the School of Public Policy. Mr. Humphrey also served as former State President and national board member of AARP, the nation’s largest consumer senior nonprofit organization.
His public and private sector experience have honed a deeper interest in advancing both protections for older Americans and helping them obtain the necessary skills through consumer education to allow them to protect themselves. Humphrey has advocated consumer education as an important part of tough, effective enforcement measures. As Attorney General, he initiated broad-ranging educational initiatives that helped reduce crime targeting consumers, especially those who are older and more vulnerable.
For information about the Office of Older Americans and resources to help older Americans and their families, visit: www.consumerfinance.gov/older-americans.