On July 13, the Consumer Financial Protection Bureau (CFPB)
Director Richard Cordray delivered remarks at the White House Conference on Aging
and signaled the CFPB's plans to issue an advisory later in
2015 to assist financial institutions with preventing, recognizing,
and reporting elder financial abuse. He noted that the CFPB's
"Office for Older Americans has done much great work around
elder justice" and has "issued studies, guides, and
advisories to arm seniors and their caregivers with the information
and tools they need to protect themselves and their precious
retirement savings."
The Office for Older Americans has already released results of a
focus group study on reverse mortgage advertisements and issued an
advisory expressing concern about such ads. A reverse mortgage is a
home loan that allows older homeowners—usually age 62 or
older—to borrow against the accrued equity in their homes and
defer payment of the loan until they die, sell, or move. The
