The Survive and Thrive Boomer Guide

CFPB needs to quash draft rule aimed at weakening discrimination reporting requirements for mortgage lenders, attorney general says

The Consumer Financial Protection Bureau shouldn’t adopt its recently-proposed rule that would undermine the ability to enforce fair lending laws and prevent discrimination in the mortgage lending market, New York Attorney General Letitia James said Friday.

On May 13, the CFPB announced that it would raise the reporting threshold for mortgage lenders under the Home Mortgage Disclosure Act, or HMDA, a 1975 law that requires mortgage lenders to make some mortgage data publicly available as a check to ensure compliance with fair lending laws. Some of this data includes information, which lenders already collect to comply with other regulations as well as their own underwriting standards, such as race, ethnicity, gender, age, census tract, credit score, total cost of the loan, and property value, and whether the application was accepted or denied. 

“Fair lending laws exist to protect consumers and ensure that lenders cannot engage in discriminatory practices,” said James. “The proposed rules would undermine these very protections and greatly hinder our ability to hold bad lenders accountable for such behavior. The CFPB was created to protect consumers, not put them in harm’s way by adopting regressive policies.”

Happy Father’s Day

This year, about 80 percent of Americans will be celebrating Father’s Day.

I hope you’ll be able to share an activity with your dad, if you live close enough to get together. If your dad lives far away, maybe you’ll be able to talk to him through Skype or Facetime.

I’m missing my dad, Minor H. Slingsby, today. He was an important figure in my life. Carefully watching every penny, my dad taught me to be an informed, alert consumer. I’m a personal finance writer because of him.

Here’s a tribute I wrote to my dad.

So happy Father’s Day to the dads of American and their kids. About 60 percent of men aged 15 and older are fathers, according to the U.S. Census Bureau.

Copyright 2019, Rita R. Robison, Personal Finance Writer

Facts and figures for Father’s Day 2019

It’s that time of year again. When the flowers bloom and the trees leaf out, it’s time to recognize those important guys in our families – our dads.

Spending

Americans are expected to spend a record amount on gifts for Father’s Day this year, according a survey conducted for the National Retail Federation. Total spending for the holiday is estimated to reach $16 billion, up from last year’s $15.3 billion.

Father’s Day spending has grown 70 percent, about $6.6 billion, since 2009. The biggest drivers of Father’s Day spending are growth in spending by consumers ages 35 to 44, and spending on clothing, special outings, and gift cards. This year, 75.9 percent of people plan to celebrate and are expected to spend a record $138.97, up from last year’s $132.82, and up from $91 in 2009.

Baby boomers embrace June and summer fun

Memorial Day weekend is the unofficial beginning of summer, although it officially begins June 21. When the weather is good, people enjoy barbecues, picnics with family and friends, outdoor fun at home, and travels elsewhere.

For Memorial Day, I was in Madrid visiting my daughter and her family. The following day we went to  the Manzanares el Real Castle, 45 minutes from Madrid. Close to La Pedriza at the foothills of Sierra de Guadarrama, the castle was restored three times in the 20^th century.

The boomers in our group have been busy and start the season with ideas readers will find interesting. Articles include:

• How to create a "no" list to get time in your life for what’s important.
• How to cultivate friendships.
• Recommendations for TV shows from among those nominated for Emmys.
• The top 100 most frequently asked questions.

Meryl Baer of Six Decades and Counting writes about these articles in the Best of Boomer Blogs #599. Click here to get the links to the articles. And, be sure to let the boomer writers know your thoughts. We love, love, love to get comments from readers.

Copyright 2019, Rita R. Robison, Personal Finance Writer

Baby boomers collaborate to bring you more great articles

Baby boomer bloggers in our group may live in different areas of the country, but we come together to collaborate on weekly posts to share each other’s work.

Jennifer Koshak of Unfold and Begin reports that this week boomer bloggers are writing about:

• How to plan a cruise.
• How personal style and pizzazz can be mastered at any age.
• The pleasures of helping a friend.
• Healthy, tasty recipes that are easy to make.
• Whether Medicare for All would be good for younger people.

These articles make up in the Best of Boomer Blogs #596. Click here to get the links to the articles. And be sure to look at the comments and leave one yourself. Boomer bloggers enjoy lively conversations with readers.

Copyright 2019, Rita R. Robison, Personal Finance Writer

Happy Mother's Day

Daughters are about the best thing that a mom can get. I was lucky and got two of them.

I love celebrating Mothers' Day with my daughters and grandchildren. I like having the special day to remember how fortunate I am to have them and all the memories that we've made along the way. 

It seemed like no time at all that it took my daughters to grow up and leave home. Now, it's happening to my grandchildren. My oldest turned 18 and is headed to college. The twins are 15 and are amazingly tall. They'll be in college, too, before we know it. 

So, I'm thankful today for my daughters and grandchildren. They're strong new generations, making a way for themselves in a challenging world.

Copyright 2019, Rita R. Robison, Personal Finance Writer

Facts and figures for Mother’s Day 2019

While the number of people celebrating Mother’s Day is about the same as the 86 percent celebrating last year, those celebrating are expected to spend more at an average $196 compared with $180 in 2018. Consumers ages 35-44 are likely to spend the most at an average $248, up from $224, and men are likely to spend more than women at $237 compared with $158.

Newer models of gift-giving including special outings and gift cards are growing, in addition to more traditional gifts including flowers, greeting cards, and jewelry. Increased spending on jewelry represents 31 percent of the expected increase over last year.

Many of those celebrating cited finding something unique, 44 percent, as the most important factor when picking out a Mother’s Day gift, followed by one that creates a special memory, 39 percent.

Copyright 2019, Rita R. Robison, Personal Finance Writer

How to plan a cruise

Going on a cruise is quite an adventure, I learned as a first-time cruise goer in late March. It was a seven-day cruise to the Caribbean with stops in Jamaica, Grand Cayman Island, Costa Maya, Mexico, and Cozumel, Mexico.

The purpose of the cruise was to celebrate my sister’s 80^th birthday. My niece arranged the cruise, so all I had to is get out my credit card and pay. And pay I did.

Since it’s an expensive and time-consuming endeavor, here are tips to help you have the best cruise possible:

Decide where you want to go.

The possibilities are endless, with a cruise industry expanding its offerings to serve 28.5 million passengers a year. Once an unusual sight, you now see cruise ships in many major ports. The Caribbean, Alaska, and the Mediterranean are the most popular destinations.

Happy Easter

Happy Easter to you and your loved ones if Easter is a day you celebrate.

Seventy percent of Americans identify themselves as Christians, and 49 percent of Americans say they plan to attend church on Easter Sunday.

My wish for today is peace and harmony in the world. With the rise of right-wing hate groups, even in the United States, we all need to keep on working for equality and justice, both economic and social. We need to have hope that we can help bring about change and a better life for all.

So, on Easter Sunday, I wish everyone love, peace, and joy. May you, despite discouraging daily news, be able to experience some joy every day.

Copyright 2019, Rita R. Robison, Personal Finance Writer

Baby boomers discuss techie and fuzzy topics

 

Tom Sightings of Sightings Over Sixty generally resists diving the world into parts – rich and poor, black and white, male and female.

However, he believes in one distinction. It’s O.K. to divide the world into "fuzzy" and "techie." Fuzzy people study the humanities and social sciences and they read books and go to the theater. Techies pursue math and the physical sciences, and they love numbers and tinker with machines and other hard bits.

For this week, boomer bloggers are writing about techie topics: airline quality ratings and the new WordPress Gutenberg editor. And fuzzy topics: noticing the landscape while driving, living in the country, eating seafood by the sea, getting through grief, and redefining success and happiness in the 21^st century.

Sightings writes about these topics in the Best of Boomer Blogs #592. Click here to get the links to the articles. And be sure to join in the conversations. Boomer bloggers love to hear from readers.

Copyright 2019, Rita R. Robison, Personal Finance Writer