As previously reported in the CFPB-Lawblog, the CFPB, in June, launched a public inquiry into “consumer financial products and services, financial literacy efforts, and fraudulent or deceptive practices  impacting the lives of older Americans and their families.” The Committee of Annuity Insurers (which represents 30 insurers), the National Association of Insurance and Financial Advisors and the Insured Retirement Institute, submitted a comment supporting the Bureau’s efforts to stop exploitation of seniors during the sale of financial products, but reminded the Bureau that Dodd-Frank expressly excludes the “business of insurance” from its jurisdiction. While the Bureau has not indicated what action(s) it intends on taking based on the results of this public inquiry, it is expected—given the Bureau’s proclivity for issuing rules and regulations—that the CFPB will take action in the near future.

The CFPB-Lawblog will be closely following the CFPB’s movement on this issue, so check back with us regularly for updates on this developing story.