The CFPB has named former Minnesota attorney general and state senator Hubert H. Humphrey III as the head of its newly established Office of Older Americans.

In a conference call Oct. 19, 2011, Humphrey said the most important priority for the new office will be to "listen, to hear from our seniors so that we learn and understand exactly what they are facing." Despite the absence of a confirmed CFPB director, Humphrey said "we have a lot of work to do right now that we can take on."

Humphrey noted that Americans over the age of 62 have been particularly hard-hit by the past few years, making it hard for them to pay bills or to enjoy retirement. Seniors are losing an estimated $2.9 billion a year to financial abuse, he said, while housing values have dropped 30 percent nationally since their peak in 2006.

The CFPB said the various tasks of the Office of Older Americans will include educating seniors about their financial choices in the areas of long-term savings, retirement planning and long-term care.

It will also provide coordination between senior groups, law enforcement, financial institutions and federal and state agencies to identify and prevent scams.