Federal Register / Vol. 77, No. 118 / Tuesday, June 19, 2012 / Notices 36491 

Process Number of 

respondents 

Number of 

responses 

per 

respondent 

Average 

burden per 

response 

(minutes) 

Total burden 

(hours) 

Travel time to sites .......................................................................................... 1500 ........................ 45 1125 

Internet application feedback ........................................................................... 13000 1 15 3250 

Total ................................................................................................... ........................ ........................ ........................ 8925 

The Bureau issued a 60-day Federal 

Register notice on November 11, 2011, 

76 FR 67668. Comments were solicited 

and continue to be invited on: (a) 

Whether the collection of information is 

necessary for the proper performance of 

the functions of the agency, including 

whether the information shall have 

practical utility; (b) the accuracy of the 

agency’s estimate of the burden of the 

collection of information, including the 

validity of the methodology and the 

assumptions used; (c) ways to enhance 

the quality, utility, and clarity of the 

information to be collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Dated: June 13, 2012. 

Chris Willey, 

Chief Information Officer, Bureau of 

Consumer Financial Protection. 

[FR Doc. 2012–14857 Filed 6–18–12; 8:45 am] 

BILLING CODE 4810–AM–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

[Docket CFPB–2012–0018] 

Request for Information Regarding 

Senior Financial Exploitation 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Request for Information. 

SUMMARY: Section 1013(g)(1) of the 

Dodd-Frank Wall Street Reform and 

Consumer Protection Act of 2010 

(‘‘Dodd-Frank Act’’) requires the Bureau 

of Consumer Financial Protection 

(‘‘Bureau’’ or ‘‘CFPB’’) to facilitate the 

financial literacy of individuals aged 62 

or older (‘‘seniors’’), on protection from 

unfair, deceptive, and abusive practices 

and on current and future financial 

choices, including through 

dissemination of materials on such 

topics. 

In furtherance of this mandate, the 

CFPB’s Office for the Financial 

Protection of Older Americans (‘‘Office 

for Older Americans’’) seeks 

information on consumer financial 

products and services, financial literacy 

efforts, and fraudulent or deceptive 

practices impacting the lives of older 

Americans and their families. 

DATES: Comment Due Date: August 20, 

2012. 

ADDRESSES: You may submit comments, 

identified by Docket No. CFPB–2012– 

0018, by any of the following methods: 

• http://www.regulations.gov. Follow 

the instructions for submitting 

comments. 

• Mail/Hand Delivery/Courier: 

Monica Jackson, Office of the Executive 

Secretary, Consumer Financial 

Protection Bureau, 1700 G Street NW., 

Washington, DC 20552. 

Instructions: The CFPB encourages 

the early submission of comments. All 

submissions must include the document 

title and docket number. Please note the 

number of the question to which you are 

responding at the top of each response 

(respondents need not answer each 

question). In general, all comments 

received will be posted without change 

to http://www.regulations.gov. In 

addition, comments will be available for 

public inspection and copying at 1700 

G Street NW., Washington, DC 20552, 

on official business days between the 

hours of 10:00 a.m. and 5:00 p.m. 

Eastern Time. You can make an 

appointment to inspect the documents 

by telephoning 202–435–7275. All 

comments, including attachments and 

other supporting materials, will become 

part of the public record and subject to 

public disclosure. Sensitive personal 

information such as account numbers or 

Social Security numbers should not be 

included. Comments will not be edited 

to remove any identifying or contact 

information. 

FOR FURTHER INFORMATION CONTACT: For 

general inquiries, submission process 

questions or any additional information, 

please call Monica Jackson at 202–435– 

7275. For specific questions on senior 

financial exploitation, please call James 

Miner at 202–435–7953. 

SUPPLEMENTARY INFORMATION: In support 

of its statutory mandates under Section 

1013(g)(1) and (3) of the Dodd-Frank 

Act, the Office for Older Americans will 

monitor certifications or designations of 

financial advisors who serve seniors and 

alert the SEC and state regulators of 

certifications or designations that are 

identified as unfair, deceptive or 

abusive. The Office for Older Americans 

will also make legislative and regulatory 

recommendations to Congress on best 

practices for disseminating information 

to seniors regarding the legitimacy of 

certifications and designations, and 

methods through which a senior can 

identify the financial advisor most 

appropriate for the senior’s needs. 

Pursuant to Section 1013(g)(3)(D), the 

Office for Older Americans is also 

conducting research to identify best 

practices for educating seniors on 

personal finance management. The 

office for Older Americans intends to 

use this research to develop goals for 

programs that provide financial literacy 

and counseling to seniors. 

The Bureau is therefore seeking 

comments in response to the questions 

posed below. The questions are grouped 

into the following categories: (a) 

Evaluation of senior financial advisor 

certifications and designations; (b) 

providing financial advice and planning 

information to seniors; (c) senior 

certification and designation 

information sources; (d) financial 

literacy efforts; and (e) financial 

exploitation of older Americans, 

including veterans of the Armed Forces. 

Please feel free to respond to any or all 

of the questions but please be sure to 

indicate in your comments on which 

questions you are commenting. 

Please note that the Bureau is not 

soliciting individual borrower 

complaints in response to this Notice 

and Request for Information. Nor is the 

Bureau seeking personally identifying 

information regarding borrower 

complaints, from the parties to the 

complaint or any third party. Responses 

to this subsection should not contain 

account numbers, Social Security 

numbers or other personal information 

that could be used to identify the 

complainant or another party identified 

in a complaint, or in any way otherwise 

reveal personally identifiable 

information. 

Evaluation of Senior Financial Advisor 

Certifications and Designations 

1. What resources do seniors have for 

determining the legitimacy, value, and 


srobinson on DSK4SPTVN1PROD with NOTICES
36492 Federal Register / Vol. 77, No. 118 / Tuesday, June 19, 2012 / Notices 

authenticity of credentials held by their 

financial advisors and planners? What 

sources have been found most helpful, 

accurate, and thorough? Among other 

things, comments could address issues 

such as state or organizational level 

review standards, evaluation practices, 

or selection criteria to determine the 

validity of proposed senior certifications 

or designations. 

2. How effective are the existing 

sources at maintaining the legitimacy, 

value, and authenticity of credentials 

held by senior financial advisors and 

planners? 

3. How effectively do existing 

accountability controls deter the misuse 

of senior advisor credentials? Examples 

of accountability controls include 

revoking credentials, public notices of 

disapproval, or other disciplinary 

actions. 

Providing Financial Advice and 

Planning Information to Seniors 

4. What resources are available to 

explain the subject matter expertise 

presented or implied by specific 

certifications and designations? How 

effective are the publicly available 

sources at disseminating thorough, upto-date information? How effectively are 

seniors able to use the available 

resources to select a financial advisor 

with appropriate knowledge to address 

their specific financial needs? 

Senior Certification and Designation 

Information Sources 

5. What sources of information on the 

fraudulent or misleading uses of senior 

certifications and designations are 

available? Comments could include, 

among other things, references to 

publicly available research or data sets, 

suggestions for other potentially 

available research or data, or other 

information on enforcement, civil, 

administrative, or criminal cases. 

Financial Literacy Efforts 

6. What financial education, 

counseling, or personal finance 

management programs are tailored to 

the unique financial needs of older 

Americans and their families or 

caregivers? Among these programs, 

what are the best practices in providing 

seniors financial literacy and robust, 

practical information on personal 

finance management? Possible 

comments could address methods for 

improving recognition of unfair or 

deceptive financial practices; means for 

helping seniors plan for retirement, 

long-term care, and economic security; 

or approaches to consumer credit 

counseling and other financial literacy 

or financial protection practices. 

Financial Exploitation of Older 

Americans 

7. What types of fraudulent, unfair, 

abusive or deceptive practices target 

Americans age 62 and over? Comments 

could include unique types of financial 

exploitation or additional information 

concerning the examples listed below. 

a. Power of Attorney or Guardian 

Abuse, whereby an agent under power 

of attorney or a court-appointed 

guardian uses his/her fiduciary 

authority (or a forged power of attorney 

instrument) to misappropriate the older 

person’s assets and uses them for 

personal gain rather than for the support 

of the incapacitated older person; and 

b. Affinity fraud, in which the 

characteristics of a trusted advisor such 

as a member of the clergy or government 

official are impersonated by those 

attempting to extract payments or 

personal information from an older 

person. 

Financial Exploitation of Older 

Veterans of the Armed Forces 

8. What types of fraudulent or 

deceptive practices target older veterans 

and/or military retirees? Comments 

could include unique examples of 

financial exploitation or additional 

information concerning the examples 

listed below. 

a. VA Aid and Attendance fraud, 

whereby veterans are advised to transfer 

retirement funds into irrevocable trusts 

that cause them to lose access to the 

funds and also become ineligible for 

Medicaid benefits; or, 

b. Military pension buyout schemes, 

in which veterans are offered cash 

payments in return for their military 

pension payouts in a manner that could 

ultimately deprive the veteran of the 

majority of his or her pension. 

Dated: April 27, 2012. 

Meredith Fuchs, 

Chief of Staff, Bureau of Consumer Financial 

Protection. 

[FR Doc. 2012–14854 Filed 6–18–12; 8:45 am] 

BILLING CODE 4810–AM–P 

DEPARTMENT OF DEFENSE 

Department of the Air Force 

U.S. Air Force Scientific Advisory 

Board Notice of Meeting 

AGENCY: U.S. Air Force Scientific 

Advisory Board, Department of the Air 

Force. 

ACTION: Meeting notice. 

SUMMARY: Due to difficulties, beyond the 

control of the U.S. Air Force Scientific 

Advisory Board or its Designated 

Federal Officer, the Board was unable to 

file a Federal Register notice for the 

June 27–28, 2012 meeting of the U.S. 

Air Force Scientific Advisory Board as 

required by 41 CFR 102–3.150(a). 

Accordingly, the Advisory Committee 

Management Officer for the Department 

of Defense, pursuant to 

41 CFR 102–3.150(b), waives the 

15-calendar day notification 

requirement. 

Under the provisions of the Federal 

Advisory Committee Act of 1972 

(5 U.S.C., Appendix, as amended), the 

Government in the Sunshine Act of 

1976 (5 U.S.C. 552b, as amended), and 

41 CFR 102–3.150, the Department of 

Defense announces that the United 

States Air Force Scientific Advisory 

Board (SAB) meeting will take place 27– 

28 June 2012 at the Secretary of the Air 

Force Technical and Analytical Support 

Conference Center, 1550 Crystal Drive, 

Arlington, VA 22202. The meeting will 

be from 7:30 a.m.–4:40 p.m. on 

Wednesday, 27 June 2012, with the 

sessions from 7:30 a.m.–9:30 a.m. open 

to the public; and 7:30 a.m.–4:30 p.m. 

on Thursday, 28 June 2012, with the 

sessions from 7:30 a.m.–10:00 a.m. and 

1:30 p.m.–2:00 p.m. open to the public. 

The banquet from 6:00 p.m.–8:45 p.m. 

on 28 June 2012 at the Key Bridge 

Marriott, 1401 Lee Highway, Arlington, 

VA 22201 will also be open to the 

public. 

The purpose of this Air Force 

Scientific Advisory Board quarterly 

meeting is to discuss and deliberate the 

findings of the FY12 SAB studies 

covering non-traditional intelligence, 

surveillance, and reconnaissance in 

contested environments; ensuring cyber 

situational awareness for commanders; 

and extended uses of Air Force Space 

Command space-based sensors. The 

draft FY13 SAB study topic Terms of 

Reference and potential sites for the 

FY13 Spring Board quarterly meeting 

will also be discussed. 

In accordance with 5 U.S.C. 552b, as 

amended, and 41 CFR 102–3.155, The 

Administrative Assistant of the Air 

Force, in consultation with the Air 

Force General Counsel, has agreed that 

the public interest requires some 

sessions of the United States Air Force 

Scientific Advisory Board meeting be 

closed to the public because they will 

discuss information and matters covered 

by section 5 U.S.C. 552b(c)(1). Any 

member of the public wishing to 

provide input to the United States Air 

Force Scientific Advisory Board should 

submit a written statement in 

accordance with 41 CFR 102–3.140(c) 

and section 10(a)(3) of the Federal 

Advisory Committee Act and the 


srobinson on DSK4SPTVN1PROD with NOTICES