In conjunction with the FDIC, the CFPB announced the launch of "Money Smart for Older Adults," a financial resource tool to aid individuals that are 62 and older and raise awareness on how to prevent identity theft and financial exploitation. Among other things, the resource tool provides information on common types of financial exploitation, such as power of attorney fraud, abuse by caregivers, investment fraud, and telephone scams. The resource tool also provides information on identity theft, medical identity theft, and planning for unexpected life events and disasters. Under the Dodd-Frank Act, the CFPB was required to establish an Office of Financial Protection for Older Americans to provide for the financial literacy of older Americans (i.e., individuals who have 62 years or more) on protection from unfair, deceptive, and abusive practices and on current and future financial choices, including through the dissemination of materials to seniors on such topics.
Alert June 25, 2013