Newsroom

July 9, 2012 – NAFCU is asking members to provide their views by Aug. 3 on issues raised by the Consumer Financial Protection Bureau on elder financial abuse.

The CFPB, in its request for information on this issue, cites its mandate under the Dodd-Frank Act to promote the financial literacy of people aged 62 or older on protection from unfair, deceptive and abusive practices and on current and future financial choices.

The CFPB request addresses the following:

• certifications or designations of financial advisors for seniors;
• financial literacy for seniors; and
• fraud and deceptive practices that exploit seniors and veterans of the Armed Forces.

Details are online in NAFCU Regulatory Alert 12-EA-18 (login required). Comments are due to the CFPB by Aug. 20. NAFCU is asking members to provide their input to the association's response by Aug. 3.