City leaders call for consumer protection for elderly
Recent reports indicating that elderly Americans are being targeted for predatory financial exploitation have moved the Washington-based National League of Cities (NLC) and its constituency group Women in Municipal Government (WIMG) to call for the establishment of an office on elderly affairs at the Consumer Financial Protection Bureau (CFPB). President Obama formed the CFPB in September to help consumers with problems related to credit cards, mortgages and other complicated financial transactions.
NLC made the request to Elizabeth Warren, special advisor to Treasury Secretary Timothy Geithner and director of the CFPB, saying the elderly are particularly vulnerable to fraud and financial abuse through inappropriate investments, predatory lending and scams. They often live on fixed or limited incomes and have little recourse if they lose their savings or home, NLC and WIMG said. “We need to protect our seniors across the nation from financial predators,” said Daisy Lynum, WIMG president and Orlando, Fla., commissioner. “Unfortunately, this issue will increasingly grow as the baby boomer generation retires. The new CFPB is the ideal place to address these concerns.”
NLC and WIMG also called for the office to build relationships with local governments to improve the opportunity for financial education and advocacy for elderly men and women. Read more about CFPB and more about WIMG.
