Alert June 26, 2012

CFPB Focuses on Financial Education and Protection for the Elderly

The Dodd-Frank Act requires the CFPB to facilitate the financial literacy of individuals 62 years and older on future financial choices and protection from unfair, deceptive or abusive practices. The CFPB issued a request for information on consumer financial products and services, financial literacy efforts, and fraudulent or deceptive practices that impact the elderly. The CFPB plans to identify best practices for educating the elderly on personal financial management and develop programs that provide financial literacy and counseling to the elderly. There are five categories of information the CFPB is seeking:

  • Evaluation of senior financial advisor certifications and designations;
  • Providing financial advice and planning information to seniors;
  • Senior certification and designation information sources;
  • Financial literacy efforts; and
  • Financial exploitation of older Americans including veterans

Comments are due by August 13, 2012. Click here for the related press release.