{"id":38593,"date":"2023-03-19T21:01:09","date_gmt":"2023-03-20T01:01:09","guid":{"rendered":"https:\/\/d56fg8tfg.fitnews.club\/finance\/consumer-financial-protection-bureau-announces-hubert-skip-humphrey-iii-to-head-the-office-of-older-americans\/"},"modified":"2023-03-19T21:01:09","modified_gmt":"2023-03-20T01:01:09","slug":"consumer-financial-protection-bureau-announces-hubert-skip-humphrey-iii-to-head-the-office-of-older-americans","status":"publish","type":"post","link":"https:\/\/d56fg8tfg.fitnews.club\/finance\/consumer-financial-protection-bureau-announces-hubert-skip-humphrey-iii-to-head-the-office-of-older-americans\/","title":{"rendered":"Consumer Financial Protection Bureau announces Hubert (\u201cSkip\u201d) Humphrey III to head the Office Of Older Americans"},"content":{"rendered":"
\n

WASHINGTON \u2013 The Consumer Financial Protection Bureau (CFPB) today announced the selection of Hubert H. (\u201cSkip\u201d) Humphrey III to head up the newly established Office of Older Americans. Humphrey has spent much of his professional life working to protect consumers, serving first as a state Senator and later as Attorney General of Minnesota. He has also worked on behalf of seniors as president of the Minnesota AARP and, until recently, served on AARP\u2019s national board.<\/p>\n

\u201cAs baby boomers join the ranks of the retired, their hard-earned savings should help them realize opportunities, not serve as the target of deception and fraud,\u201d noted Raj Date, the Special Advisor to the Secretary of the Treasury on the CFPB. \u201cSkip\u2019s experience as a state Attorney General and state Senator, and his work with seniors in his home state of Minnesota as well as on the national front, make him a perfect fit to lead the Office of Older Americans.\u201d<\/p>\n

The Dodd-Frank Wall Street Reform and Consumer Protection Act directs the CFPB to create an office within the agency to address the needs of older Americans, defined as those 62 and over. This office is tasked with improving the financial decision-making of seniors and preventing unfair, deceptive, and abusive practices targeted at seniors.<\/p>\n

\u201cI am honored and excited to bring my experience in consumer protection and my work with seniors to the CFPB to help educate seniors about fair practices and how to make financial decisions that are right for them,\u201d said Humphrey. \u201cA well informed consumer is the best protection against fraud and deceptive practices \u2013 especially if that knowledge is backed up by tough regulatory enforcement.\u201d <\/p>\n

Seniors have been hit hard by the economic crisis. Even if they planned well, they\u2019ve seen their retirement savings and home equity shrink. Making it worse is the growing epidemic of elder financial abuse that puts their savings and homes at risk.<\/p>\n

The Office of Older Americans will help seniors navigate these financial challenges by: <\/p>\n