The Consumer Financial Protection Bureau is seeking information on incidents of exploitation of the elderly, including financial exploitation to include in the Federal Register.
The Register is advertising its efforts nationally to create a data base of elder exploitation and elder abuse, including financial abuse as well as certifications or designations of financial advisers who serve seniors. The request for information can be accessed at the Register web site. The directions for including information are easy to follow and information must be entered by August 17.
According to the website, Section 1013(g)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) requires the Bureau of Consumer Financial Protection (“Bureau” or “CFPB”) to facilitate the financial literacy of individuals aged 62 or older (“seniors”), on protection from unfair, deceptive, and abusive practices and on current and future financial choices, including through dissemination of materials on such topics.
In furtherance of this mandate, the CFPB’s Office for the Financial Protection of Older Americans (“Office for Older Americans”) seeks information on consumer financial products and services, financial literacy efforts, and fraudulent or deceptive practices impacting the lives of older Americans and their families.
This effort also is an outgrowth of the pressure many national groups have been putting on the federal government to document the extent of elder abuse nationally and focus the government’s attention on those who exploit the elderly. The establishment of an elder abuse data base is seen as a unique opportunity to let the CFPB know what the elderly and their caregivers are experiencing and witnessing on the issue of elder financial abuse and exploitation.
In addition to questions about senior financial adviser certifications and advice, there also are questions concerning financial literacy efforts, power of attorney and guardian abuse, affinity frauds and financial exploitation of older veterans.
One national organization that is supporting the effort to create a national database on elder abusie is the National Organization To End Guaridanship Abuse – NOTEGA, which is sponsoring an online petition calling for an end to the legalized financial exploitation and abuse of elderly and disabled adults under the guise of protection and the color of law.
In addition to entering information on elder care and abuse at the website, the Register also is encouraging comments from individuals involved in elder care. In general, all comments received will be posted without change to http://www.regulations.gov.
In addition, comments will be available for public inspection and copying at 1700 G Street NW., Washington, DC 20552, on official business days between the hours of 10:00 a.m. and 5:00 p.m. Eastern Time. Appointments to inspect the documents cam be made by telephoning 202-435-7275.
All comments, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Sensitive personal information such as account numbers or Social Security numbers should not be included. Comments will not be edited to remove any identifying or contact information.
The final day for submission of comments relative to elder abuse and exploitation is August 20, 2012.
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