CFPB: Monitoring Elder Abuse

The CFPB has named former Minnesota attorney general and state senator Hubert H. Humphrey III as the head of its newly established Office of Older Americans.

In a conference call Oct. 19, 2011, Humphrey said the most important priority for the new office will be to "listen, to hear from our seniors so that we learn and understand exactly what they are facing." Despite the absence of a confirmed CFPB director, Humphrey said "we have a lot of work to do right now that we can take on."

Humphrey noted that Americans over the age of 62 have been particularly hard-hit by the past few years, making it hard for them to pay bills or to enjoy retirement. Seniors are losing an estimated $2.9 billion a year to financial abuse, he said, while housing values have dropped 30 percent nationally since their peak in 2006.

The CFPB said the various tasks of the Office of Older Americans will include educating seniors about their financial choices in the areas of long-term savings, retirement planning and long-term care. It will also provide coordination between senior groups, law enforcement, financial institutions and federal and state agencies to identify and prevent scams.

House Financial Services Committee Ranking Member Barney Frank, D-Mass., praised the choice of Humphrey, noting that attorneys general have been at the forefront of consumer protection. "One of the goals in establishing the CFPB was to create, at the federal level, a capacity and willingness to defend consumers that has long been present in the states but not nationally," he said.

Rep. Carolyn Maloney, D-N.Y., a senior member of the House Financial Services Committee, also hailed the appointment, stating that Humphrey's "commitment to consumer protection as Minnesota's Attorney General, along with his breadth of experience as Minnesota State President of the American Association of Retired Persons and one of their national board members will serve the CFPB exceptionally well."

For information about the Office of Older Americans and resources to help older Americans and their families, visit: www.consumerfinance.gov/older-americans. 

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Consumer Financial Protection Bureau

Hubert H. Humphrey III appointed to administer
the Office of Older Americans

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October 19, 2011