The Office for Older Americans, endowed by Congress with a wide-reaching mandate, is dedicated to defending the consumer financial interests of the elderly, with a particular emphasis on preventing financial abuse and exploitation. A study from 2010 highlights that seniors lost at least $2.9 billion due to financial exploitation, a figure that’s on the rise, evidenced by a 12% increase in losses from 2008 to 2010.
The CFPB is eager to engage with the public, especially those who work closely with the elderly, to gather insights on these matters. We are particularly interested in understanding how seniors can verify the credentials of financial planners and advisors effectively. Additionally, we’re looking for information on financial education, counseling, or management programs specifically designed for the needs of older Americans, their families, and caregivers, including their availability and effectiveness.
Our concern extends to senior veterans as well. The Bureau seeks insights into the specific fraudulent, unfair, or abusive practices targeting older veterans or military retirees, including the exploitation of Veterans Affairs “Aid and Attendance” benefits and military pension buyout schemes that jeopardize veterans’ financial security. Gathering this information will enable us to offer better protection and support to older veterans and military retirees.
The feedback we receive will be instrumental in benefiting senior consumers. Through our research into the qualifications and titles of senior financial advisors, the insights collected will enhance our understanding of the market dynamics. This knowledge will empower us to guide seniors towards trustworthy advice, enabling them to make informed financial decisions.
We aim for this inquiry to be thorough and rely on your contributions. The insights from this Request for Information will inform the Bureau’s and our office’s future initiatives. Our goal is to assist seniors in steering clear of fraud and making wise, prudent financial decisions.
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