WASHINGTON, D.C. — Thinking about how these individuals
might be taken advantage of at places such as dealerships, the Consumer Financial
Protection Bureau revealed its newest investigative topic this week: America's
elderly.

CFPB officials announced a public inquiry to learn more
about the ways in which older Americans are financially exploited and
about the best practices for elder financial management. Their inquiry came as
part of World Elder Abuse Awareness Day activities.

"Older Americans have lost billions of dollars to the silent
crime of financial exploitation," said CFPB director Richard Cordray.

"Our older adult population is growing every year, which
makes it even more critical that we study this issue," Cordray continued. The bureau
will launch a public inquiry to learn more about financial fraud of older
Americans and the credentials of financial advisers who counsel them."

According to a recent study, Americans ages 60 and older
lost at least $2.9 billion to financial exploitation in 2010. From 2008 to
2010, the study showed a 12 percent increase in the amount of money scammed
from seniors.

That research determined women are more likely to be
victimized than men and that senior financial exploitation is most frequently
perpetrated by family members and other persons in a position of trust.

To help inform the bureau's future decisions on this topic,
the CFPB seeks comment from the public on a number of senior finance issues:

—Evaluation of Financial Adviser Certifications and
Designations: The bureau wants to know what people working directly with older adults
as well as the public think about how they can determine the legitimacy and
authenticity of the credentials held by financial planners and advisors.

—Provision of Financial Advice and Planning Information: The
bureau is asking what effective resources are available to help seniors make
informed decisions about their financial advisors.

—Compilation of Fraudulent Uses of "Senior Certifications"
and Designations: The bureau is looking into what sources compile publicly
available information on fraudulent or misleading uses of these "senior
certifications" and designations.

—Summary of Financial Literacy Efforts: The bureau seeks
information on what financial education, counseling, or management programs are
tailored to the unique needs of older Americans, their families, and their
caregivers and how effective they are.

—Examination of Financial Exploitation of Older Americans:
The bureau is looking for details on the types of unfair, deceptive or abusive
practices targeted at Americans age 62 and older, including power of attorney
abuse, affinity fraud and other forms of financial exploitation.

—Evaluation of Fraud Against Older Americans, Including
Veterans and Military Retirees: The bureau wants feedback on what specific
types of fraudulent, unfair, abusive, or deceptive practices target older
Americans, older veterans, and military retirees. Officials said they are aware
of fraud involving military retirement and pension funds and want to learn
more.

"The bureau wants to help older Americans avoid financial
exploitation and encourage them to make good, responsible decisions when they
choose their financial advisors," officials reiterated. "The information
gathered from this Request for Information will help to guide future work for
the bureau in this area.

Comments on the Request for Information must be submitted by
Aug. 13. Instructions to complete the process can be found here.