McKernan expressed a commitment to upholding the CFPB's office focused on financial protection for older Americans, responding to concerns raised by Senator Cortez Masto amid high financial fraud rates targeting seniors in Nevada. He acknowledged the unique challenges that aging individuals face, such as accumulating medical debt and cognitive decline, and emphasized the need for the CFPB to monitor and enforce protections for this vulnerable demographic. While he affirmed his support for the office's mandate, he avoided commenting on potential staffing changes within the CFPB that may arise from the White House's directives.
Unfortunately, in Nevada, we rank second in financial fraud, and a high percentage of that fraud are our seniors. I have concerns about the CFPB actually closing down the office of financial protection for older Americans.
The unique risk posed to elderly Americans on the consumer side as they age, they're more likely to accumulate medical debt that can subject them to aggressive collection tactics.
McKernan said it would be his priority to maintain the CFPB's office that aims to protect older Americans from financial harm, as it is mandated by law.
Senator, we're going to make sure we have that office perform its statutory function.
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