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. It is critical for us to act," said Cordray, according to The Los Angeles Times. "The generation that rebuilt and sustained this nation out of a devastating Depression, the dark hours of World War II, and the anxious fears of the Cold War deserve our care now in their turn."

He added that because senior citizens are more likely to have predictable daily routines, they are an easier target for criminals looking to take advantage of them.

"Abusers often assume that the victim will be too embarrassed or too frail to pursue legal action against them, and unfortunately that assumption is too often proven to be correct," he added.

Upon its inception, the CFPB was specifically instructed by Congress to focus on protecting senior citizens. It has previously helped develop ways to prevent elderly people from falling victim to confusing regulations regarding reverse mortgages.

If you or a loved one has fallen victim to elderly abuse in any way, shape, or form of elderly abuse, call Sokolove Law today to learn more about what it takes to pursue an elderly abuse lawsuit. For legal help, call (800) 581-6358.

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