CFPB Submits First Report to Congress, Reverse Mortgage Study Under Way

The Consumer Financial Protection Bureau has submitted its first-ever semi-annual report to Congress, including updates on the CFPB’s work since it’s July, 2011 launch, mandated under Dodd-Frank.

Included under the CFPB’s research or “Evidence-Based Analysis,” is the creation of a report on reverse mortgages that is taking place with the agency’s Office of Older Americans.

“…the CFPB’s Research and Markets teams are collaborating with their colleagues from the Students and Older Americans offices to prepare required reports on private student lending and reverse mortgages, and provide recommendations on best practices concerning financial advisors who work with older Americans,” the report states.

The report, a CFPB spokeswoman confirmed with RMD upon the bureau’s launch, is required to be completed by July 21, 2012. It is included under the agency’s statutory reporting requirements.

The Office of Older Americans was established in 2011 and is led by Director Skip Humphrey. Upon his appointment, Humphrey told members of the press that the office will work with other regulators to make sure seniors are not misled by advisors who say they are specialized in working with seniors.

The CFPB had not returned a request for comment as of press time.

Written by Elizabeth Ecker

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