Bloomberg reported that the U.S. Consumer Financial Protection Bureau (CFPB) is considering whether it should play a role in regulating retirement savings accounts. CFPB Director Richard Cordray told Bloomberg that the bureau is exploring their authority in the area. He declined to elaborate. According to other sources, the CFPB’s core concern is that the elderly tend to be more susceptible to financial scams. The SEC and Department of Labor are the primary regulators of retirement savings vehicles and funds. However, the CFPB – created by the Dodd-Frank Act – “sees itself as a potential catalyst for promoting a coherent policy across the government.”
