Eldercare & Debt Collections Antonio P. “Tony” Salazar Maryland Commissioner of Financial Regulation NACARA 2018 Annual Conference October 16, 2018

Overview - SARS Reporting Elder Financial Exploitation in MD and Top Elder States

Call to Action USE EVERY OPPORTUNITY TO RAISE AWARENESS ABOUT THE IMPORTANCE OF PREVENTING AND REPORTING ELDER FINANCIAL ABUSE

Overview of the Office of the Commissioner of Financial Regulation

Sample - Maryland Data on Elder Financial Abuse SARS Filings Source: https://www.fincen.gov/reports/sar-stats

Context

Context Source: Survey of Consumer Finances – Board of Governors of the Federal reserve System

Context Source: Survey of Consumer Finances – Board of Governors of the Federal reserve System

Older Consumer Complaints Older Consumer Complaints by Product Context Older Consumer Complaints CFPB began handling complaints in July 2011 1,163,200 complaints handled as of April 2017 54% voluntarily reported age 103,000 from age 62+ consumers Older Consumer Complaints by Product Debt collection and mortgage complaints make up the highest monthly average and total complaints to CFPB by older consumers. Debt Collection 563: Monthly average since launch 25,561 Total complaints Mortgage 407: Monthly average since launch 26,452 Total complaints Source: CFPB Monthly Complaint Report, May 2017 (Spotlight on complaints from older consumers)

Generational Characteristics and Communication Preferences AGES CHARACTERISTICS PREFERRED METHOD OF COMMUNICATION Traditionalists 70 and up • Hardworking & dedicated • Respects rules & authority • Conservative & traditional • Sacrifice • Money is a livelihood Personal contact Boomers 52-69 • Youthful self-identity • Optimistic • Team player • Hard-Working • Money is a status symbol E-mail or Phone

Our Mission Ensure that the citizens of our respective states are able to conduct their financial transactions through institutions that comply with state consumer protection laws in order to protect consumers and promote fair competition and a healthy economy

Suggestions – Taking a holistic approach Updating lending and servicing laws and standards Collect and use data to guide action Active Surveillance Leverage resources through collaborations and publicity

Suggestions – Taking a holistic approach

Do what you can, with what you have, where you are. Closing Do what you can, with what you have, where you are. -Theodore “Teddy” Roosevelt We can help seniors safeguard their hard-earned finances.

Antonio P. “Tony” Salazar Maryland Commissioner of Financial Regulation http://www.dllr.state.md.us/finance/