CFPB Director Outlines Challenges, Solutions to Baby Boomer Retirement
The average American is now spending about 20 years in retirement, noted Consumer Finance Protection Board Director Richard Cordray in remarks at a White House Conference of Aging Regional Conference.
“During these years they are active consumers. They are still taking out and making payments on mortgages. They are still borrowing to buy cars and trucks. They are still accumulating credit card debt. Some are even taking out student loans on behalf of their grandchildren. These heavier debt loads, that previous generations did not have, can threaten their economic security,” he said at the event in Cleveland, Ohio.
He noted that the law that created the CFPB specifically recognized the need to protect older Americans against financial exploitation and to promote economic security later in life. “With the aging of the baby boomer generation, that mission has never been more important,” he said.
He highlighted the studies, guides and advisories available from the bureau designed to help seniors and their caregivers with the information and tools they need to protect themselves and their retirement savings. The bureau made recommendations to policymakers to help older consumers by implementing training standards and enforcement over financial advisers purporting to be experts in older adults’ financial affairs. It has also issued guidance related to debt collection of older adults and on reverse mortgages.
ALFA offers a free Tool Kit: Protecting Older Americans from Financial Abuse, which includes interviews and a webinar with CFPB officials.
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