The Consumer Financial Protection Bureau has selected the former president of the Minnesota AARP, Hubert H. Humphrey III, to lead the newly established Office of Older Americans.
“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,” Raj Date, the special advisor to the Secretary of the Treasury on the CFPB, said. “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 Dodd-Frank Act required the CFPB to establish an office within the agency to address the needs of older Americans, defined as those 62 and over. The Office of Older Americans is responsible for improving the financial decision-making of seniors and preventing unfair, deceptive and abusive practices targeted at seniors.
Humphrey served as a state senator in Minnesota for nearly 30 years and then as the state’s attorney general for 16 years. He has worked in the private sector as senior vice president at Tunheim Partners, a communications and public affairs management company. Humphrey has also taught graduate level courses at the University of Minnesota.
As an attorney general, Humphrey initiated many educational initiatives in order to reduce crime targeting older consumers.
“I am honored and excited to bring my experience in consumer protection and my work with seniors to the CFPB to help educate seniors about fair practices and how to make financial decisions that are right for them,” Humphrey said. “A well informed consumer is the best protection against fraud and deceptive practices – especially if that knowledge is backed up by tough regulatory enforcement.”