The CFPB has issued an advisory and a report with recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans. The CFPB’s press release describes the recommendations as “an extensive set of voluntary best practices” and, in his prepared remarks, Director Cordray stated that the recommendations “are not binding regulations; they are simply suggestions we urge institutions to consider in serving their customers.”… Continue Reading
The CFPB recently issued an advisory for older consumers about asset recovery companies that target older consumers who are past victims of fraud, such as bogus timeshare investments and in-home business opportunities.
The advisory describes a typical asset recovery scam as one in which the asset recovery company contacts a defrauded older consumer claiming it can get the consumer’s money back for an upfront fee of several hundred to thousands of dollars. … Continue Reading
In October 2013, the CFPB released four “Managing Someone Else’s Money” guides for financial caregivers, particularly those who handle the finances of older Americans. The booklets were designed for four different categories of financial caregivers: agents under powers of attorney, court-appointed guardians, trustees, and government fiduciaries, such as someone serving as a Social Security representative payee or Veterans Affairs fiduciary.… Continue Reading
The CFPB has announced that it will hold an event in Springfield, Virginia on August 17, 2015 about financial management for seniors and their caregivers. The event will feature remarks from Director Cordray and Virginia Attorney General Mark Herring and financial caregiving experts will be in attendance to answer questions. The event is open to the public but an RSVP is required.… Continue Reading
The Financial Services Roundtable and CFPB are joining forces in a nationwide public-private initiative to promote effective financial education. According to an announcement posted on the Roundtable’s website, the CFPB and Roundtable plan to work together to facilitate the gathering and sharing of information about effective financial education strategies, to encourage adoption of financial education initiatives, especially in K-12 schools and in the workplace, and to protect older Americans from financial exploitation. … Continue Reading
Recently the CFPB joined the FDIC’s program against financial abuse of senior citizens by cooperating on the creation of a Spanish language tool for Hispanic seniors. We have previously blogged about the CFPB’s initiatives to prevent elder financial abuse. This new product is a Spanish-language version of a pre-existing FDIC publication in English, Money Smart for Older Adults, which is a financial resource tool that is distributed free of charge and is designed to help adults age 62 and older and their caregivers prevent, identify, and respond to elder financial exploitation.… Continue Reading
The CFPB has issued a new guide designed to help operators and staff of nursing facilities and assisted living residences protect residents from financial abuse. The guide indicates that it is for administrators as well as business office staff, social service personnel, and any staff members involved in the admissions process. … Continue Reading