CFPB names Humphrey to head Office of Older Americans
The Consumer Financial Protection Bureau named former Minnesota Attorney General Hubert "Skip" Humphrey III to head the Office of Older Americans Wednesday. Humphrey recently served as president of the Minnesota AARP and seats on the association's national board. His office was created to protect senior citizens from fraudulent and deceptive lending practices. When asked specifically about reverse mortgages, Humphrey noted it's one of the things the new regulator is examining. "One of the things that I have enjoyed learning about at the CFPB is the extent of research that is taking place and the capacity the bureau has to conduct research," he said. Humphrey's division is a product of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which not only formed the CFPB, but created the office to ensure lending to seniors is fair. "As baby boomers join the ranks of the retired, their hard-earned savings should help them realize opportunities, not serve as the target of deception and fraud," said Raj Date, special adviser to the Treasury. "Skip’s experience as a state attorney general and state senator, and his work with seniors in his home state of Minnesota as well as on the national front, make him a perfect fit to lead the Office of Older Americans." The office will focus on educating seniors about their financial choices, coordinating with law enforcement and government agencies to prevent scams that target seniors and use information from the field along with direct input from seniors to identify trends and bad practices. Humphrey spent 16 years as Minnesota's attorney general, and worked as a senior vice president at public affairs and management company Tunheim Partners. He is the son of former Vice President Hubert H. Humphrey Jr. Write to Kerri Panchuk.