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The federal government should require state CSBG and SSBG officials to consult with state and local agencies and organizations representing older people and other groups served by the programs.
Federal legislation should provide a minimum level of consumer protections. It should preserve states’ ability to provide additional protections to consumers.
Regulators should ensure robust consumer protections in the financial marketplace. They should provide effective oversight of the financial industry.
All depository institutions should be required to provide basic-banking services affordable to customers with low incomes. This includes low-cost basic checking or savings accounts.
Financial institutions should offer account features and services that empower financial caregivers while protecting older adults who are under their care. These include:
Policymakers should establish reasonable interest rate ceilings for all lenders. These rates should correspond to prevailing Treasury Bill rates.
Credit reports and scores should be used as an underwriting tool for consumer loans. They should not be used for other purposes.
Regulators should eliminate unfair, deceptive, or abusive practices in the AFS industry.