Eldercare Debt Collections Antonio P Tony Salazar Maryland
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 1995 FAMILY HOLDINGS OF DEBT 1998 2001 2004 2007 2010 2013 2016 50 $ 200, 00 $ 186, 70 45 40 $ 163, 20 $ 119, 40 $ 124, 20 $ 117, 30 $ 120, 00 28 $ 72, 00 $ 88, 90 $ 93, 30 26, 1 $ 61, 10 $ 100, 00 $ 80, 00 20, 9 19, 7 $ 51, 60 $ 160, 00 $ 140, 00 26, 7 25, 5 $ 166, 80 $ 144, 40 $ 109, 90 20 15 41, 7 35, 5 34, 6 30 25 45, 3 $ 173, 60 $ 60, 00 $ 56, 40 14, 4 10 $ 24, 90 5 $ 40, 00 12, 2 8, 4 $ 20, 00 4, 9 0 $- 1995 1998 2001 2004 Percentage w/ Debt Age 65 to 74 Mean(in thousands) Age 65 to 74 2007 2010 2013 Percentage w/ debt age 75 and Over Mean(in thousands) 75 and over Source: Survey of Consumer Finances – Board of Governors of the Federal reserve System Mean in thousands debt percentage 35 $ 180, 00 45, 7 45, 1 2016
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 Source: CFPB Monthly Complaint Report, May 2017 (Spotlight on complaints from older consumers) Mortgage • 407: Monthly average since launch • 26, 452 Total complaints
Generational Characteristics and Communication Preferences PREFERRED METHOD OF COMMUNICATION GENERATION AGES CHARACTERISTICS 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
Closing Do what you can, with what you have, where you are. • -Theodore “Teddy” Roosevelt We can finances. help seniors safeguard their hard-earned
Antonio P. “Tony” Salazar Maryland Commissioner of Financial Regulation http: //www. dllr. state. md. us/finance/
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