The initiative is part of Wolf’s “Government that Works” tour and consists of four main goals.
“Today, I am announcing the administration’s Consumer Financial Protection Initiative in order to educate the public about financial protection and best practices in a concise, efficient way,” said Wolf.
The first goal of the initiative is to help protect consumers from illegal, “easy money” types of lending from out-of-state companies.
The second goal is for it to help health care and legal professionals identify signs of elder financial abuse and prevent this crime, as it is becoming more and more common.
Working with the Investor Protection Trust and the Department of Aging, the Department of Banking and Securities will be stepping up efforts to reach the professional communities our seniors are most inclined to depend upon, and provide them with information and resources to help them better cope with this threat.
The third goal involves working to find new ways to help working adults save for their retirements, as many people are not properly prepared for this time in their life.
To combat this issue, The Department of Banking and Securities is working on creating awareness of existing tools that working adults can use to create the kind of nest eggs they need. They are also looking for and studying new approaches for consumers to ensure their financial futures in retirement.
The fourth goal of this initiative is to establish a state government interagency financial education exchange for consumers. This exchange will help ensure that state agencies will not distribute potentially conflicting information with consumers and will work to create a portal of information from trusted sources — a “one-stop shop” for help on financial services and products.
Earlier this year on the “Government that Works” tour, Governor Wolf gave remarks at the opening of Hulton Bridge, signed an executive order designed to correct the course of the Commonwealth with respect to state contracting opportunities for small diverse businesses, announced a plan to enhance the health insurance coverage available to all Pennsylvania children enrolled in the Children’s Health Insurance Program (CHIP) and instituted online voter registration.