Skip Humphrey named to federal consumer protection bureau

Longtime Minnesota political figure Skip Humphrey has been appointed to head the new Consumer Financial Protection Bureau’s efforts to protect older Americans.

Humphrey is the son of former Vice Pres. Hubert Humphrey and U.S. Sen. Muriel Humphrey. He served as a Minnesota state senator and attorney general, but lost U.S. Senate race and gubernatorial race.

The office for the needs of older Americans was created with the bureau by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its intent is to educate older people about finances and prevent financial abuse.

“I am honored and excited to bring my experience in consumer protection and my work with seniors to the CFPB to help educate seniors about fair practices and how to make financial decisions that are right for them,” Humphrey said in a statement. “A well-informed consumer is the best protection against fraud and deceptive practices—especially if that knowledge is backed up by tough regulatory enforcement.”

Rep. Keith Ellison (D-Minn.) immediately lauded the choice.

“The Consumer Financial Protection Bureau couldn’t have picked a more qualified and committed person than Skip,” Ellison said in a statement. “While serving as Minnesota’s Attorney General, he created many educational programs to reduce the number of crimes targeting consumers, especially the elderly. These programs still help Minnesotans today.  I look forward to working with him in his vital new role.”