CFPB Cracks Down on Financial Elder Abuse
CFPB Director Richard Cordray announced the new inquiry at the White House on World Elderly Abuse Awareness Day. It will, among other things, seek details on the types of elderly abuse the public has seen in regard to finances. Be it through deceptive and/or abusive practices, financial exploitation of the elderly has losses totaled at least $2.9 billion in 2010, up 12 percent from 2008. "The silent crime of financially exploiting the elderly is widespread and it is devastating.