Senator Kirsten Gillibrand condemned the Trump administration for weakening financial protections for seniors. She warned that dismantling the Consumer Financial Protection Bureau (CFPB) will expose millions of older Americans to fraud.
Gillibrand made her remarks during a virtual press conference on May 1.
Cuts target senior protections
Trump is attempting to fire nearly 90% of CFPB staff. This includes nearly all employees at the Office of Financial Protection for Older Americans.
In 2023, over 4,300 older New Yorkers were victims of scams, losing more than $200 million.
CFPB vital to senior safety
Since its creation, the CFPB has returned over $21 billion to scam victims. It provides financial education, counseling, and fraud prevention resources for seniors.
Without it, older Americans will face greater risks when dealing with banks, credit agencies, and scammers.
Other attacks on seniors’ support systems
Gillibrand also criticized Trump for trying to shut Social Security offices and cut phone support. The administration has delayed regulations meant to protect elder fraud victims from credit reporting errors.
Gillibrand demands reversal
In a letter to the CFPB’s Acting Director, Gillibrand detailed the illegal mass firings and their impact. She urged full staffing restoration to maintain consumer protections and uphold the agency’s legal mandates.
Gillibrand pledged to fight any efforts to dismantle the CFPB.
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