While there have been quite a few attempts recently to remove some consumer protections such as delaying the implementation of the final phase of the DOL Fiduciary Rule while Trump consumer protection chief requests $0 in funding for the Consumer Financial Protection Bureau in 2018 (last year, $217.1 million was requested). The CFPB doesn’t currently do much in the insurance industry, however, this is part of the current de-regulatory trend in Washington.
There was a positive though from congress as the House passes bill to protect seniors from financial fraud. The bill will move to the Senate next where it looks like it has a good change of passing with bipartisan support. The issue of financial fraud targeting older Americans is significant as it is estimated to cost $2.9 billion annually and that’s probably on the conservative side. The bill would offer support to regulators, financial institutions, and legal organizations to educate their employees on identifying and preventing financial exploitation of seniors. Elder financial abuse is wide-spread and one of the reasons why The Insurance Bill of Rights was created.
Here’s why it’s so important as the No-Class of 2017 was recently announced. Each year the Coalition Against Insurance Fraud announces the entrants into their Insurance Hall of Shame. A baby was murdered … A man’s supposed best friend burned him alive. … Sober homes plied desperate addicts with drugs. … A doc stuck painful needles and lasers into patients’ eyes. And there’s much more. Innocent Americans took a hard fall. So get mad — feel for the victims. And you’re one. Insurance fraud is an $80-billion national crime wave. Scams are driving up yourpremiums. How’s your heart rate now? Fraud fighters are hunting hard. Meet the 9 worst scammers of 2017.