Page:United States Statutes at Large Volume 124.djvu/1999

 124 STAT. 1973 PUBLIC LAW 111–203—JULY 21, 2010 establish the Office of Financial Protection for Older Americans, the functions of which shall include activities designed to facili- tate the financial literacy of individuals who have attained the age of 62 years or more (in this subsection, referred to as ‘‘seniors’’) on protection from unfair, deceptive, and abusive practices and on current and future financial choices, including through the dissemination of materials to seniors on such topics. (2) ASSISTANT DIRECTOR.—The Office of Financial Protec- tion for Older Americans (in this subsection referred to as the ‘‘Office’’) shall be headed by an assistant director. (3) DUTIES.—The Office shall— (A) develop goals for programs that provide seniors financial literacy and counseling, including programs that— (i) help seniors recognize warning signs of unfair, deceptive, or abusive practices, protect themselves from such practices; (ii) provide one-on-one financial counseling on issues including long-term savings and later-life eco- nomic security; and (iii) provide personal consumer credit advocacy to respond to consumer problems caused by unfair, decep- tive, or abusive practices; (B) monitor certifications or designations of financial advisors who advise seniors and alert the Commission and State regulators of certifications or designations that are identified as unfair, deceptive, or abusive; (C) not later than 18 months after the date of the establishment of the Office, submit to Congress and the Commission any legislative and regulatory recommenda- tions on the best practices for— (i) disseminating information regarding the legit- imacy of certifications of financial advisers who advise seniors; (ii) methods in which a senior can identify the financial advisor most appropriate for the senior’s needs; and (iii) methods in which a senior can verify a finan- cial advisor’s credentials; (D) conduct research to identify best practices and effective methods, tools, technology and strategies to edu- cate and counsel seniors about personal finance manage- ment with a focus on— (i) protecting themselves from unfair, deceptive, and abusive practices; (ii) long-term savings; and (iii) planning for retirement and long-term care; (E) coordinate consumer protection efforts of seniors with other Federal agencies and State regulators, as appro- priate, to promote consistent, effective, and efficient enforcement; and (F) work with community organizations, non-profit organizations, and other entities that are involved with educating or assisting seniors (including the National Edu- cation and Resource Center on Women and Retirement Planning). Deadline. Recommenda- tions.