Hubert H. “Skip” Humphrey III, a former state attorney general for Minnesota with a famous pedigree, will oversee the Consumer Financial Protection Bureau’s Office for Older Americans, created to prevent unfair, deceptive and abusive practices targeted at seniors.
Humphrey, 69, is the son of former Vice President and U.S. Sen. Hubert H. Humphrey Jr.
Humphrey already has a background of working on behalf of consumers. He was Minnesota attorney general for 16 years and served 10 years in the state Senate. He has been an AARP board member since 2008.
“He knows that consumer education is a critical complement to tough enforcement measures,” said Raj Date, President Obama’s appointee to head the bureau, pending Senate confirmation.
One of the consumer agency’s mandates when it was created as part of a wide financial reform legislation last year was to target protections at specific populations, including older Americans.
Seniors have been the targets of scams and abusive practices, particularly with reverse mortgage offerings. Many older Americans have amassed considerable equity in their homes that makes them valuable prey for slick marketers and outright scam artists.
“We want to help seniors figure out what they need to plan for retirement and long-term care, and whether the people who advise them are qualified,” Humphrey wrote in his blog. “While we will help track down scams and enforce the law, we will also educate seniors on how to identify and avoid scams before they put their home and savings at risk.”
Read more on the CFPB’s Office for Older Americans.
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