The Consumer Financial Protection Bureau has enlisted former Minnesota attorney general Hubert Humphrey III to head a special effort to identify and prevent scams targeted at senior citizens.
Humphrey this week was named the head of CFPB's Office of Older Americans, whose mission is to educate seniors about fair lending practices and improve their ability to make financial decisions.
"A well informed consumer is the best protection against fraud and deceptive practices -- especially if that knowledge is backed up by tough enforcement," Humphrey said in a statement.
The former Minnesota AARP president noted there is a "growing epidemic of elder financial abuse that puts their savings and homes at risk."
The acting head of the CFPB, Raj Date, said Humphrey is a "perfect fit" to lead the Office of Older Americans due to his work with seniors in Minnesota and his law enforcement background.
