The Consumer Financial Protection Bureau (CFPB) recently 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.
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires 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.
The Office of Older Americans will help seniors navigate existing 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.
The issue of age discrimination is on the rise. The age of the applicant is being added to the HMDA LAR. We have this new office at the CFPB. Look for increased examiner attention on this type of discrimination.
For Your Consideration: Are Congress and the CFPB discriminating against older immigrants?