CFPB exploring new survey on ‘age-friendly’ banking

The Consumer Financial Protection Agency is proposing a new survey to gauge the banking experiences of adults as they age, with a focus on the challenges and opportunities of adopting “age-friendly” account features, according to a new notice in the Federal Register. The proposed survey would collect information on respondents’ experiences with their primary bank or credit union regarding account accessibility, their experiences with fraud and scams, financial caregiving, the importance of age-friendly account features, and other topics.

The results will inform the agency’s age-friendly banking educational, regulatory and policy work, the CFPB said. “The data gathered through this survey will empower many other governmental, nonprofit and other entities to conduct analysis on topics of interest relevant to their work. These entities can apply their findings to enhance consumer protections and expand age-friendly banking products and services nationwide.” The CFPB first proposed the survey in May but is now seeking further comment on the utility of the survey and ways to improve the information collected.