The CFPB has announced that it will hold an event in Springfield, Virginia on August 17, 2015 about financial management for seniors and their caregivers. The event will feature remarks from Director Cordray and Virginia Attorney General Mark Herring and financial caregiving experts will be in attendance to answer questions. The event is open to the public but an RSVP is required.
On July 13, 2015, in his remarks at the White House Conference on Aging, Director Cordray indicated that the CFPB “will release an advisory later this year to help financial institutions prevent, recognize, and report elder financial abuse.” It is possible the advisory will be issued in conjunction with the August 17 event.
The prevention of elder financial abuse has been a continuing CFPB focus. CFPB initiatives include a guide issued in June 2014 to help operators and staff of nursing facilities and assisted living residences protect residents from financial abuse, a report issued in June 2015 on the results of a CFPB focus group study of reverse mortgage advertisements, and a consumer advisory also issued in June 2015 warning consumers about the false impressions that might result from reverse mortgage advertisements and highlighting facts consumers should consider when viewing such advertisements.
