CFPB Appoints New Officer, Controversy Continues

The ""Consumer Financial Protection Bureau"":www.consumerfinance.gov/ has a new chief officer with the addition of Hubert H. ""Skip"" Humphrey III. Joining the CFPB as the head of its Office of Older Americans, ""Humphrey"":en.wikipedia.org/wiki/Skip_Humphrey will now act as the bureau's lead advocate for the vulnerable demographic.

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Humphrey, who is the son of vice president Hubert H. Humphrey, was formerly a state attorney general for Minnesota, and his appointment to the CFPB will enable him to prevent older citizens from falling victim to practices that are fraudulent or unfair.

Humphrey is charged with addressing the financial needs of those 62 and older, many of whom are exposed to debt, housing decisions, and retirement issues that they are ill-prepared to handle. Special considerations among the demographic include limited savings, unexpected medical bills, problems related to

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reverse mortgages, and lingering results of the financial crisis, and the CFPB is seeking to lend a helping hand to the senior group.

Commenting on Humphrey's hiring, Raj Date, the Obama administration official leading the CFPB's operations, told the Wall Street Journal, ""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. 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.""

In other news from within the controversial CFPB, Richard Cordray continues to bump up against GOP opposition, which has delayed his nomination to head up the bureau. Republican's against the CFPB's structure cite too much control, and the political party has proposed a restructuring that would encompass congressional power over the CFPB budget and a five-person executive roster instead of an individual director. Senate Republicans remain firmly against the CFPB in its current state, and 44 senators have promised to shoot down all directorial nominees until a restructuring arrangement is reached.

Recent additions to the CFPB's ranks have included Sendhil Mullainathan, an economist with Harvard University and member of the National Bureau of Economic Research, and the wife of General David Petraeus, Holly Petraeus, who is charged with leading protective measures for military families who could be facing deceptive financial practices.