The National League of Cities (NLC) is calling for the establishment of an office on elderly affairs at the Consumer Financial Protection Bureau (CFPB).
With recent reports indicating that elderly Americans are being targeted for predatory financial exploitation, NLC made the request to Elizabeth Warren, Special Advisor to the Treasury Secretary.
“We need to protect our seniors across the nation from financial predators,” said Daisy W. Lynum, president of the Women in Municipal Government and commissioner, Orlando, Florida. “Unfortunately, this issue will increasingly grow as the baby boomer generation retires. The new CFPB is the ideal place to address these concerns.”
According to the NLC, preventing financial abuse and crimes against elderly Americans should be among the new agency’s top priorities.
“They are particularly vulnerable to fraud and financial abuse through inappropriate investments, predatory lending, and scams,” said the group in a statement. “The elderly often live on fixed or limited incomes and have little recourse if they lose their savings or home.”
WIMG is a constituency group of the National League of Cities (NLC). It was formed in 1974 to serve as a forum for communication and networking among women municipal officials and their colleagues interested in addressing women’s issues. It strives to raise awareness about issues of concern to women and encourages women to seek public office in their communities.