Category: Older Americans

Consumer Financial Protection Bureau Takes Action Against Payment Processor and Its Former CEO for Supporting Internet-Based Technical-Support Scams

Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies e…

Today, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit in federal court against BrightSpeed Solutions Inc. (BrightSpeed) and its founder and former chief executive officer, Kevin Howard, for knowingly processing payments for companies engaged in internet-based technical-support fraud. Chicago-based BrightSpeed was a privately owned, third-party payment processor founded and operated by Howard in 2015 and wound down business operations in March 2019.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-takes-action-against-payment-processor-and-its-former-ceo-for-supporting-internet-based-technical-support-scams/

CFPB Releases Tool to Help Communities Prevent and Respond to Elder Fraud

The Consumer Financial Protection Bureau released an online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse.

The Consumer Financial Protection Bureau released an online resource to help communities form networks to increase their capacity to prevent and respond to elder financial abuse.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-tool-helps-communities-prevent-and-respond-to-elder-fraud/

CFPB Study Highlights Challenges Retirees Face to Meet Expenses in Early Years of Retirement

The Consumer Financial Protection Bureau released a first-of-its-kind study examining the financial resources and expenses of retirees during the first five years of retirement among Americans who retired between 1992 and 2014.

The Consumer Financial Protection Bureau released a first-of-its-kind study examining the financial resources and expenses of retirees during the first five years of retirement among Americans who retired between 1992 and 2014.

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/cfpb-study-challenges-retirees-face-meeting-expenses-in-early-years-retirement/

Consumer Financial Protection Bureau Recommends Financial Institutions Report Suspected Financial Exploitation of Older Adults

The Consumer Financial Protection Bureau (Bureau) today issued an updated advisory to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim…

The Consumer Financial Protection Bureau (Bureau) today issued an updated advisory to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation. 

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/bureau-recommends-financial-institutions-report-suspected-financial-exploitation-older-adults/