Women in Municipal Government Call for Office on Elderly at Consumer Financial Protection Bureau

WASHINGTON, Nov. 1, 2010 /PRNewswire-USNewswire/ -- With recent reports indicating that elderly Americans are being targeted for predatory financial exploitation, the National League of Cities (NLC) and its constituency group Women in Municipal Government (WIMG), called for the establishment of an office on elderly affairs at the Consumer Financial Protection Bureau (CFPB).  NLC made the request to the Honorable Elizabeth Warren, Special Advisor to the Treasury Secretary.

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Preventing financial abuse and crimes against elderly Americans should be among the new agency's top priorities.  They are particularly vulnerable to fraud and financial abuse through inappropriate investments, predatory lending, and scams. The elderly often live on fixed or limited incomes and have little recourse if they lose their savings or home.

"We need to protect our seniors across the nation from financial predators," said Daisy W. Lynum, president of the Women in Municipal Government and commissioner, Orlando, Florida.  "Unfortunately, this issue will increasingly grow as the baby boomer generation retires. The new CFPB is the ideal place to address these concerns."

NLC and WIMG also called for the office to build relationships with local governments to improve the opportunity for financial education, advocacy for elderly men and women.

WIMG is a constituency group of the National League of Cities (NLC).  It was formed in 1974 to serve as a forum for communication and networking among women municipal officials and their colleagues interested in addressing women's issues.  It strives to raise awareness about issues of concern to women and encourages women to seek public office in their communities. 

The National League of Cities is the nation's oldest and largest organization devoted to strengthening and promoting cities as centers of opportunity, leadership and governance. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans.  

SOURCE National League of Cities

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