June 15, 2012 – A request for information on elder financial abuse was issued Thursday by the Consumer Financial Protection Bureau with a comment deadline of Aug. 20.
The CFPB is required under the Dodd-Frank Act to facilitate the financial literacy of people 62 years old or older on protection from unfair, deceptive and abusive practices and on current and future financial choices. The CFPB is seeking input from the public to find out what methods would best help it achieve that end.
The request for information is from the CFPB Office for the Financial Protection of Older Americans. It is asking specifically for information on consumer financial products and services, financial literacy efforts and fraudulent or deceptive practices affecting older Americans and their families.
The CFPB’s request for information poses eight questions related to:
- evaluation of senior financial advisor certifications and designations;
- providing financial advice and planning information for seniors;
- senior certification and designation information sources;
- financial literacy efforts; and
- financial exploitation of older Americans, including armed forces veterans.
The bureau says it is not soliciting individual borrower complaints in connection with this request.