On June 15, FinCEN issued an Advisory on Elder Financial Exploitation (“Advisory”) to warn financial institutions about the rising trend of elder financial exploitation (“EFE”), which FinCEN defines as “the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams.” The Advisory is detailed.
elder abuse
Largest-Ever Crackdown Against Elder Fraud Led by the Department of Justice
By Kay Fitz-Patrick on
On March 7, 2019, the DOJ announced the largest coordinated sweep of elder fraud cases to date. Joined by the FBI and other federal and state partners, the DOJ held a press conference detailing the results of the coordinated effort. Coordinated law enforcement actions in the past year, they said, resulted in criminal cases against…
CFPB discusses initiatives to combat elder financial abuse
By Barbara S. Mishkin on
Posted in CFPB General, Regulatory and Enforcement
In a March 14 post on the CFPB’s blog, Skip Humphrey, who heads the CFPB’s Office of Older Americans, reported on his meeting with Illinois bank regulators and other Illinois officials to discuss the state’s efforts to combat financial elder abuse. Mr. Humphrey noted that Illinois recently enacted a law that requires employees of state…