The National League of Cities and its constituency group, Women in Municipal Government, are asking that the Consumer Financial Protection Bureau, whose creation is currently underway, have an office of elderly affairs. This is because seniors are being targeted for financial exploitation, they declared.
NLC and WIMG believe preventing financial abuse and crimes against the elderly should be among the top priorities at CFPB. This group is a target for those who promote inappropriate investments and financial scams or offer predatory lending products.
As a result, these groups state, seniors have little recourse if they lose their savings or their homes.
"We need to protect our seniors across the nation from financial predators," said Daisy W. Lynum, president of the WIMG. "Unfortunately, this issue will increasingly grow as the baby boomer generation retires. The new CFPB is the ideal place to address these concerns."
NLC and WIMG also called for the office to build relationships with local governments to improve the opportunity for financial education and advocacy for elderly men and women.
The two groups submitted the request to Elizabeth Warren, who is serving as the special advisor to Treasury Secretary Timothy Geithner to oversee the creation of CFPB.
