One of the CFPB’s most worthwhile Dodd-Frank mandates is to help older Americans avoid financial exploitation.
In addition to developing programs to provide financial literacy and counseling to seniors, the CFPB is taking steps to protect seniors from unethical financial advisors. Those steps include (1) monitoring certifications that designate financial advisors as specially qualified to serve seniors and alerting the SEC or state regulators of certifications that are identified as unfair, deceptive or abusive, and (2) making legislative and regulatory recommendations to Congress on best practices for educating seniors on the legitimacy of advisor certifications and methods a senior can use to identify an appropriate financial advisor.
To assist the CFPB in those efforts, the CFPB has issued a request for information that seeks comments on a series of questions dealing with (1) financial advisor certifications and designations, (2) financial literacy programs tailored to seniors, and (3) fraudulent, unfair, abusive or deceptive practices targeting older Americans generally and older veterans and/or military retirees in particular.
We’re glad to see that the CFPB intends to take an aggressive approach to addressing the serious problem of elder financial abuse.