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

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

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

4. Overview of the Office of the Commissioner of Financial Regulation

5. Sample - Maryland Data on Elder Financial Abuse SARS Filings
Source:

6. Context

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

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

9. 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)

10. 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
or Phone

11. 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

12. 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

13. Suggestions – Taking a holistic approach

14. 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.

15. Antonio P. “Tony” Salazar Maryland Commissioner of Financial Regulation