older

CFPB releases state-level data on student debt impact on older borrowers

By John L. Culhane, Jr. on August 24, 2017

Posted in Regulatory and Enforcement, Student Loans

The CFPB has released a new report, “Older consumers and student loan debt by state.” The new report is intended to be a supplement to the CFPB’s January 2017 “Snapshot” report that contained statistics on the growing number of consumers age 60 and over (older consumers) who owe student loan debt and the growing amount of such debt.… Continue Reading

CFPB issues advisory for older consumers about asset recovery scams

By Barbara S. Mishkin on February 16, 2016

Posted in Elder Financial Abuse, Financial Literacy, Regulatory and Enforcement

The CFPB recently issued an advisory for older consumers about asset recovery companies that target older consumers who are past victims of fraud, such as bogus timeshare investments and in-home business opportunities.

The advisory describes a typical asset recovery scam as one in which the asset recovery company contacts a defrauded older consumer claiming it can get the consumer’s money back for an upfront fee of several hundred to thousands of dollars. … Continue Reading