Office on Older Americans And Selection of Humphrey to Lead It

Implementing Dodd-Frank Consumer Protections

(Washington, DC) — Today, the Consumer Financial Protection Bureau (CFPB) is announcing the appointment of Hubert H. “Skip” Humphrey III to head the Office of Older Americans, a consumer protection office specifically tasked with protecting seniors in their financial dealings.  The CFPB and the Office for Older Americans were set up as a result of the landmark Dodd-Frank Wall Street Reform legislation that passed in the last Congress.  Rep. Luis V. Gutierrez of Chicago was and is a strong supporter of the CFPB.  He serves on the House Financial Services Committee and Chaired the Subcommittee on Financial Institutions and Consumer Credit in the 111th Congress.  He currently serves as Ranking Member on the Subcommittee on Insurance, Housing, and Community Opportunity.  The following is a statement by Rep. Luis V. Gutierrez (D-IL).

I am encouraged that agencies that were once just legislative notions are coming on-line to help Americans navigate complex financial waters and protect themselves from fraud and exploitation.  Seniors are among the most vulnerable consumers and have a great deal at risk when considering financial transactions.  The Consumer Financial Protection Bureau’s Office of Older Americans will be an important safeguard for them.  It is also an important test for those of us that envisioned a strong CFPB that plays an active role in protecting consumers from financial predators.  It is all the better that the CFPB has found such a well-known public servant in former Minnesota Attorney General Skip Humphrey to run the Office of Older Americans.  He has a track-record of actively fighting for consumer’s rights and is an ideal selection for this vital role.