CFPB Launches Fact-Finding Mission on Elder Abuse

As the White House was holding a symposium on Thursday to raise awareness of elder abuse, the director of the Consumer Financial Protection Bureau (CFPB) issued the same day a request for information (RFI) on the many ways in which older Americans are financially exploited and about the best practices for elder financial management.

Richard Cordray, director of CFPB, wrote in his Thursday blog that Congress gave the CFPB’s Office for Older Americans a “broad mandate” to look out for that group’s financial interests. As part of that work, he said, “we are keenly focused on the important issue of financial abuse and exploitation of the elderly.”

He cited a recent study that found that seniors lost at least $2.9 billion to financial exploitation in 2010. “Unfortunately, it is a growing trend,” Cordray said. “From 2008 to 2010, there was a 12% increase in the amount of money scammed from seniors.”

The CFPB wants to hear from the public—especially people working directly with seniors—about these issues, Cordray wrote. In particular, he said, “we want input on how seniors can best determine the legitimacy of the credentials of financial planners and advisors.”