Older Consumers in the Financial Marketplace

Today, my colleagues at U.S. PIRG and the Frontier Group released a new report, "Older Consumers in the Financial Marketplace." From the report's executive summary:

Older consumers are at risk of harm from predatory financial behavior. An analysis of more than 72,000 financial complaints submitted by older consumers (those 62 years of age and older) to the Consumer Financial Protection Bureau (CFPB, or Consumer Bureau) and contained in its Consumer Complaint Database suggests that mistreatment of older consumers by financial companies is widespread.

The stories told in these complaints reinforce the importance of the Consumer Bureau’s work to hold financial companies accountable for wrongdoing, to secure relief for mistreated consumers, and to help older consumers avoid mistreatment in the financial marketplace.

The Consumer Bureau provides a valuable service to older consumers, along with all consumers. Attempts to weaken or eliminate the Consumer Bureau could risk the financial wellbeing of millions of older consumers.

The full report is available here.

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