CHICAGO (CBS) — The City of Chicago is teaming up with a new federal agency to help protect local families from financial fraud.
The Emanuel Administration says it now has an information-sharing agreement with the recently created Consumer Financial Protection Bureau with the focus on scams involving pay day lenders and other financial institutions.
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You might wonder what difference this makes.
Richard Cordray, director of the new federal department, says officials can get a handle on some problems earlier:
Chicago is seeing a spike in reverse mortgages, which mostly affect seniors.
Mayor Rahm Emanuel says it’s important for the CFPB to know about this and determine if this is an industry-wide trend.