There are many ways in which companies located throughout the nation could rip off consumers. Recognizing this is an issue in the state of Pennsylvania, the governor recently announced the creation of a program designed to protect consumers who reside here.
Called the Consumer Financial Protection Initiative, the program is a partnership between several groups including PennDOT and the Department of Banking and Securities. The Investor Protection Trust and the Department of Aging and legal and health care experts will also work to help prevent the victimization of older residents by identifying financial abuse that targets members of this demographic.
Ultimately the goal of the program is to keep residents of the state safe from predatory lenders located out-of-state who seek to take advantage of vulnerable consumers.
The scope of the initiative is broader than just preventing consumer fraud. It also seeks to create a portal that makes it possible for consumers interested in saving for retirement, to have a place to find referrals for financial tools. This will be accomplished via the creation of a state government interagency financial education exchange.
A program of this nature could be of great help in protecting people of ages from the often aggressive bad companies out to deceive consumers and get their money, and could prevent such incidents from occurring. That said, those who fall prey to the approach these businesses may take, including intimidation and double-talk should not feel ashamed as the strategies employed are often sophisticated. They should know that legal action against the predatory salesperson or lender could be a possibility. A consumer protection lawyer can help determine the best approach to take.
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