Request for Information Regarding Senior Financial Exploitation, 36491-36492 [2012-14854]

Download as PDF 36491 Federal Register / Vol. 77, No. 118 / Tuesday, June 19, 2012 / Notices Number of responses per respondent Number of respondents Process Average burden per response (minutes) Total burden (hours) Travel time to sites .......................................................................................... Internet application feedback ........................................................................... 1500 13000 ........................ 1 45 15 1125 3250 Total ................................................................................................... ........................ ........................ ........................ 8925 The Bureau issued a 60-day Federal Register notice on November 11, 2011, 76 FR 67668. Comments were solicited and continue to be invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information, including the validity of the methodology and the assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Dated: June 13, 2012. Chris Willey, Chief Information Officer, Bureau of Consumer Financial Protection. [FR Doc. 2012–14857 Filed 6–18–12; 8:45 am] BILLING CODE 4810–AM–P BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket CFPB–2012–0018] Request for Information Regarding Senior Financial Exploitation Bureau of Consumer Financial Protection. ACTION: Request for Information. AGENCY: Section 1013(g)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (‘‘Dodd-Frank Act’’) requires the Bureau of Consumer Financial Protection (‘‘Bureau’’ or ‘‘CFPB’’) to facilitate the financial literacy of individuals aged 62 or older (‘‘seniors’’), on protection from unfair, deceptive, and abusive practices and on current and future financial choices, including through dissemination of materials on such topics. In furtherance of this mandate, the CFPB’s Office for the Financial Protection of Older Americans (‘‘Office for Older Americans’’) seeks information on consumer financial products and services, financial literacy srobinson on DSK4SPTVN1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 16:39 Jun 18, 2012 Jkt 226001 efforts, and fraudulent or deceptive practices impacting the lives of older Americans and their families. DATES: Comment Due Date: August 20, 2012. ADDRESSES: You may submit comments, identified by Docket No. CFPB–2012– 0018, by any of the following methods: • http://www.regulations.gov. Follow the instructions for submitting comments. • Mail/Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552. Instructions: The CFPB encourages the early submission of comments. All submissions must include the document title and docket number. Please note the number of the question to which you are responding at the top of each response (respondents need not answer each question). In general, all comments received will be posted without change to http://www.regulations.gov. In addition, comments will be available for public inspection and copying at 1700 G Street NW., Washington, DC 20552, on official business days between the hours of 10:00 a.m. and 5:00 p.m. Eastern Time. You can make an appointment to inspect the documents by telephoning 202–435–7275. All comments, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Sensitive personal information such as account numbers or Social Security numbers should not be included. Comments will not be edited to remove any identifying or contact information. For general inquiries, submission process questions or any additional information, please call Monica Jackson at 202–435– 7275. For specific questions on senior financial exploitation, please call James Miner at 202–435–7953. SUPPLEMENTARY INFORMATION: In support of its statutory mandates under Section 1013(g)(1) and (3) of the Dodd-Frank Act, the Office for Older Americans will monitor certifications or designations of financial advisors who serve seniors and alert the SEC and state regulators of FOR FURTHER INFORMATION CONTACT: PO 00000 Frm 00015 Fmt 4703 Sfmt 4703 certifications or designations that are identified as unfair, deceptive or abusive. The Office for Older Americans will also make legislative and regulatory recommendations to Congress on best practices for disseminating information to seniors regarding the legitimacy of certifications and designations, and methods through which a senior can identify the financial advisor most appropriate for the senior’s needs. Pursuant to Section 1013(g)(3)(D), the Office for Older Americans is also conducting research to identify best practices for educating seniors on personal finance management. The office for Older Americans intends to use this research to develop goals for programs that provide financial literacy and counseling to seniors. The Bureau is therefore seeking comments in response to the questions posed below. The questions are grouped into the following categories: (a) Evaluation of senior financial advisor certifications and designations; (b) providing financial advice and planning information to seniors; (c) senior certification and designation information sources; (d) financial literacy efforts; and (e) financial exploitation of older Americans, including veterans of the Armed Forces. Please feel free to respond to any or all of the questions but please be sure to indicate in your comments on which questions you are commenting. Please note that the Bureau is not soliciting individual borrower complaints in response to this Notice and Request for Information. Nor is the Bureau seeking personally identifying information regarding borrower complaints, from the parties to the complaint or any third party. Responses to this subsection should not contain account numbers, Social Security numbers or other personal information that could be used to identify the complainant or another party identified in a complaint, or in any way otherwise reveal personally identifiable information. Evaluation of Senior Financial Advisor Certifications and Designations 1. What resources do seniors have for determining the legitimacy, value, and E:\FR\FM\19JNN1.SGM 19JNN1 36492 Federal Register / Vol. 77, No. 118 / Tuesday, June 19, 2012 / Notices authenticity of credentials held by their financial advisors and planners? What sources have been found most helpful, accurate, and thorough? Among other things, comments could address issues such as state or organizational level review standards, evaluation practices, or selection criteria to determine the validity of proposed senior certifications or designations. 2. How effective are the existing sources at maintaining the legitimacy, value, and authenticity of credentials held by senior financial advisors and planners? 3. How effectively do existing accountability controls deter the misuse of senior advisor credentials? Examples of accountability controls include revoking credentials, public notices of disapproval, or other disciplinary actions. Providing Financial Advice and Planning Information to Seniors 4. What resources are available to explain the subject matter expertise presented or implied by specific certifications and designations? How effective are the publicly available sources at disseminating thorough, upto-date information? How effectively are seniors able to use the available resources to select a financial advisor with appropriate knowledge to address their specific financial needs? srobinson on DSK4SPTVN1PROD with NOTICES Senior Certification and Designation Information Sources 5. What sources of information on the fraudulent or misleading uses of senior certifications and designations are available? Comments could include, among other things, references to publicly available research or data sets, suggestions for other potentially available research or data, or other information on enforcement, civil, administrative, or criminal cases. Financial Literacy Efforts 6. What financial education, counseling, or personal finance management programs are tailored to the unique financial needs of older Americans and their families or caregivers? Among these programs, what are the best practices in providing seniors financial literacy and robust, practical information on personal finance management? Possible comments could address methods for improving recognition of unfair or deceptive financial practices; means for helping seniors plan for retirement, long-term care, and economic security; or approaches to consumer credit counseling and other financial literacy or financial protection practices. VerDate Mar<15>2010 16:39 Jun 18, 2012 Jkt 226001 Financial Exploitation of Older Americans 7. What types of fraudulent, unfair, abusive or deceptive practices target Americans age 62 and over? Comments could include unique types of financial exploitation or additional information concerning the examples listed below. a. Power of Attorney or Guardian Abuse, whereby an agent under power of attorney or a court-appointed guardian uses his/her fiduciary authority (or a forged power of attorney instrument) to misappropriate the older person’s assets and uses them for personal gain rather than for the support of the incapacitated older person; and b. Affinity fraud, in which the characteristics of a trusted advisor such as a member of the clergy or government official are impersonated by those attempting to extract payments or personal information from an older person. Financial Exploitation of Older Veterans of the Armed Forces 8. What types of fraudulent or deceptive practices target older veterans and/or military retirees? Comments could include unique examples of financial exploitation or additional information concerning the examples listed below. a. VA Aid and Attendance fraud, whereby veterans are advised to transfer retirement funds into irrevocable trusts that cause them to lose access to the funds and also become ineligible for Medicaid benefits; or, b. Military pension buyout schemes, in which veterans are offered cash payments in return for their military pension payouts in a manner that could ultimately deprive the veteran of the majority of his or her pension. Dated: April 27, 2012. Meredith Fuchs, Chief of Staff, Bureau of Consumer Financial Protection. [FR Doc. 2012–14854 Filed 6–18–12; 8:45 am] BILLING CODE 4810–AM–P DEPARTMENT OF DEFENSE Department of the Air Force U.S. Air Force Scientific Advisory Board Notice of Meeting U.S. Air Force Scientific Advisory Board, Department of the Air Force. ACTION: Meeting notice. AGENCY: Due to difficulties, beyond the control of the U.S. Air Force Scientific SUMMARY: PO 00000 Frm 00016 Fmt 4703 Sfmt 4703 Advisory Board or its Designated Federal Officer, the Board was unable to file a Federal Register notice for the June 27–28, 2012 meeting of the U.S. Air Force Scientific Advisory Board as required by 41 CFR 102–3.150(a). Accordingly, the Advisory Committee Management Officer for the Department of Defense, pursuant to 41 CFR 102–3.150(b), waives the 15-calendar day notification requirement. Under the provisions of the Federal Advisory Committee Act of 1972 (5 U.S.C., Appendix, as amended), the Government in the Sunshine Act of 1976 (5 U.S.C. 552b, as amended), and 41 CFR 102–3.150, the Department of Defense announces that the United States Air Force Scientific Advisory Board (SAB) meeting will take place 27– 28 June 2012 at the Secretary of the Air Force Technical and Analytical Support Conference Center, 1550 Crystal Drive, Arlington, VA 22202. The meeting will be from 7:30 a.m.–4:40 p.m. on Wednesday, 27 June 2012, with the sessions from 7:30 a.m.–9:30 a.m. open to the public; and 7:30 a.m.–4:30 p.m. on Thursday, 28 June 2012, with the sessions from 7:30 a.m.–10:00 a.m. and 1:30 p.m.–2:00 p.m. open to the public. The banquet from 6:00 p.m.–8:45 p.m. on 28 June 2012 at the Key Bridge Marriott, 1401 Lee Highway, Arlington, VA 22201 will also be open to the public. The purpose of this Air Force Scientific Advisory Board quarterly meeting is to discuss and deliberate the findings of the FY12 SAB studies covering non-traditional intelligence, surveillance, and reconnaissance in contested environments; ensuring cyber situational awareness for commanders; and extended uses of Air Force Space Command space-based sensors. The draft FY13 SAB study topic Terms of Reference and potential sites for the FY13 Spring Board quarterly meeting will also be discussed. In accordance with 5 U.S.C. 552b, as amended, and 41 CFR 102–3.155, The Administrative Assistant of the Air Force, in consultation with the Air Force General Counsel, has agreed that the public interest requires some sessions of the United States Air Force Scientific Advisory Board meeting be closed to the public because they will discuss information and matters covered by section 5 U.S.C. 552b(c)(1). Any member of the public wishing to provide input to the United States Air Force Scientific Advisory Board should submit a written statement in accordance with 41 CFR 102–3.140(c) and section 10(a)(3) of the Federal Advisory Committee Act and the E:\FR\FM\19JNN1.SGM 19JNN1

Agencies

[Federal Register Volume 77, Number 118 (Tuesday, June 19, 2012)]
[Notices]
[Pages 36491-36492]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14854]


-----------------------------------------------------------------------

BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket CFPB-2012-0018]


Request for Information Regarding Senior Financial Exploitation

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Request for Information.

-----------------------------------------------------------------------

SUMMARY: Section 1013(g)(1) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act of 2010 (``Dodd-Frank Act'') requires the 
Bureau of Consumer Financial Protection (``Bureau'' or ``CFPB'') to 
facilitate the financial literacy of individuals aged 62 or older 
(``seniors''), on protection from unfair, deceptive, and abusive 
practices and on current and future financial choices, including 
through dissemination of materials on such topics.
    In furtherance of this mandate, the CFPB's Office for the Financial 
Protection of Older Americans (``Office for Older Americans'') seeks 
information on consumer financial products and services, financial 
literacy efforts, and fraudulent or deceptive practices impacting the 
lives of older Americans and their families.

DATES: Comment Due Date: August 20, 2012.

ADDRESSES: You may submit comments, identified by Docket No. CFPB-2012-
0018, by any of the following methods:
     http://www.regulations.gov. Follow the instructions for 
submitting comments.
     Mail/Hand Delivery/Courier: Monica Jackson, Office of the 
Executive Secretary, Consumer Financial Protection Bureau, 1700 G 
Street NW., Washington, DC 20552.
    Instructions: The CFPB encourages the early submission of comments. 
All submissions must include the document title and docket number. 
Please note the number of the question to which you are responding at 
the top of each response (respondents need not answer each question). 
In general, all comments received will be posted without change to 
http://www.regulations.gov. In addition, comments will be available for 
public inspection and copying at 1700 G Street NW., Washington, DC 
20552, on official business days between the hours of 10:00 a.m. and 
5:00 p.m. Eastern Time. You can make an appointment to inspect the 
documents by telephoning 202-435-7275. All comments, including 
attachments and other supporting materials, will become part of the 
public record and subject to public disclosure. Sensitive personal 
information such as account numbers or Social Security numbers should 
not be included. Comments will not be edited to remove any identifying 
or contact information.

FOR FURTHER INFORMATION CONTACT: For general inquiries, submission 
process questions or any additional information, please call Monica 
Jackson at 202-435-7275. For specific questions on senior financial 
exploitation, please call James Miner at 202-435-7953.

SUPPLEMENTARY INFORMATION: In support of its statutory mandates under 
Section 1013(g)(1) and (3) of the Dodd-Frank Act, the Office for Older 
Americans will monitor certifications or designations of financial 
advisors who serve seniors and alert the SEC and state regulators of 
certifications or designations that are identified as unfair, deceptive 
or abusive. The Office for Older Americans will also make legislative 
and regulatory recommendations to Congress on best practices for 
disseminating information to seniors regarding the legitimacy of 
certifications and designations, and methods through which a senior can 
identify the financial advisor most appropriate for the senior's needs.
    Pursuant to Section 1013(g)(3)(D), the Office for Older Americans 
is also conducting research to identify best practices for educating 
seniors on personal finance management. The office for Older Americans 
intends to use this research to develop goals for programs that provide 
financial literacy and counseling to seniors.
    The Bureau is therefore seeking comments in response to the 
questions posed below. The questions are grouped into the following 
categories: (a) Evaluation of senior financial advisor certifications 
and designations; (b) providing financial advice and planning 
information to seniors; (c) senior certification and designation 
information sources; (d) financial literacy efforts; and (e) financial 
exploitation of older Americans, including veterans of the Armed 
Forces. Please feel free to respond to any or all of the questions but 
please be sure to indicate in your comments on which questions you are 
commenting.
    Please note that the Bureau is not soliciting individual borrower 
complaints in response to this Notice and Request for Information. Nor 
is the Bureau seeking personally identifying information regarding 
borrower complaints, from the parties to the complaint or any third 
party. Responses to this subsection should not contain account numbers, 
Social Security numbers or other personal information that could be 
used to identify the complainant or another party identified in a 
complaint, or in any way otherwise reveal personally identifiable 
information.

Evaluation of Senior Financial Advisor Certifications and Designations

    1. What resources do seniors have for determining the legitimacy, 
value, and

[[Page 36492]]

authenticity of credentials held by their financial advisors and 
planners? What sources have been found most helpful, accurate, and 
thorough? Among other things, comments could address issues such as 
state or organizational level review standards, evaluation practices, 
or selection criteria to determine the validity of proposed senior 
certifications or designations.
    2. How effective are the existing sources at maintaining the 
legitimacy, value, and authenticity of credentials held by senior 
financial advisors and planners?
    3. How effectively do existing accountability controls deter the 
misuse of senior advisor credentials? Examples of accountability 
controls include revoking credentials, public notices of disapproval, 
or other disciplinary actions.

Providing Financial Advice and Planning Information to Seniors

    4. What resources are available to explain the subject matter 
expertise presented or implied by specific certifications and 
designations? How effective are the publicly available sources at 
disseminating thorough, up-to-date information? How effectively are 
seniors able to use the available resources to select a financial 
advisor with appropriate knowledge to address their specific financial 
needs?

Senior Certification and Designation Information Sources

    5. What sources of information on the fraudulent or misleading uses 
of senior certifications and designations are available? Comments could 
include, among other things, references to publicly available research 
or data sets, suggestions for other potentially available research or 
data, or other information on enforcement, civil, administrative, or 
criminal cases.

Financial Literacy Efforts

    6. What financial education, counseling, or personal finance 
management programs are tailored to the unique financial needs of older 
Americans and their families or caregivers? Among these programs, what 
are the best practices in providing seniors financial literacy and 
robust, practical information on personal finance management? Possible 
comments could address methods for improving recognition of unfair or 
deceptive financial practices; means for helping seniors plan for 
retirement, long-term care, and economic security; or approaches to 
consumer credit counseling and other financial literacy or financial 
protection practices.

Financial Exploitation of Older Americans

    7. What types of fraudulent, unfair, abusive or deceptive practices 
target Americans age 62 and over? Comments could include unique types 
of financial exploitation or additional information concerning the 
examples listed below.
    a. Power of Attorney or Guardian Abuse, whereby an agent under 
power of attorney or a court-appointed guardian uses his/her fiduciary 
authority (or a forged power of attorney instrument) to misappropriate 
the older person's assets and uses them for personal gain rather than 
for the support of the incapacitated older person; and
    b. Affinity fraud, in which the characteristics of a trusted 
advisor such as a member of the clergy or government official are 
impersonated by those attempting to extract payments or personal 
information from an older person.

Financial Exploitation of Older Veterans of the Armed Forces

    8. What types of fraudulent or deceptive practices target older 
veterans and/or military retirees? Comments could include unique 
examples of financial exploitation or additional information concerning 
the examples listed below.
    a. VA Aid and Attendance fraud, whereby veterans are advised to 
transfer retirement funds into irrevocable trusts that cause them to 
lose access to the funds and also become ineligible for Medicaid 
benefits; or,
    b. Military pension buyout schemes, in which veterans are offered 
cash payments in return for their military pension payouts in a manner 
that could ultimately deprive the veteran of the majority of his or her 
pension.

    Dated: April 27, 2012.
Meredith Fuchs,
Chief of Staff, Bureau of Consumer Financial Protection.
[FR Doc. 2012-14854 Filed 6-18-12; 8:45 am]
BILLING CODE 4810-AM-P