CFPB, Federal Agencies, State Agencies, and Attorneys General
On July 25, 2019, from 2:00 p.m. to 3:00 p.m. ET, the FDIC and CFPB will co-host a webinar to outline strategies to address and prevent elder financial abuse.
The webinar will focus on the benefits of collaboration between financial institutions and law enforcement and the challenges involved in detecting and preventing elder financial abuse, including the use of Suspicious Activity Reports (SARs) to combat it.… Continue Reading
The CFPB has issued a new elder financial abuse report, “Report and Recommendations: Fighting Elder Financial Exploitation through Community Networks,” and a related resource guide, “A Resource Guide for Elder Financial Exploitation Prevention and Response Networks.”
While the CFPB found that hundreds of counties around the country have developed strong, collaborative elder financial exploitation prevention and response networks, it also found that networks do not exist in most communities with only 25 percent of all U.S.… Continue Reading
The American Bankers Association has reported that on May 25, 2016, the CFPB will hold a webinar on how banks and credit unions can protect older consumers from financial exploitation. The webinar will highlight the CFPB’s March 2016 report that contained recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older consumers.… Continue Reading
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
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
On September 24, 2013, the CFPB joined the CFTC, the SEC, the FTC, the NCUA, and the prudential bank regulatory agencies (the Federal Reserve, the OCC, and the FDIC) in the issuance of an Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults. The release exempts from the strictures of the financial privacy provisions of the Gramm-Leach-Bliley Act (GLBA) the reporting of suspected financial abuse of the elderly to appropriate state, local, and federal agencies.… Continue Reading
The CFPB’s initiatives to address elder financial abuse were the focus of testimony last week by Hubert H. “Skip” Humphrey III, the CFPB’s Assistant Director for the Office of Older Americans, to the Senate’s Special Committee on Aging. As we have previously commented, we consider helping consumers aged 62 and older to protect themselves from financial abuse and make sound financial decisions to be one of the CFPB’s most worthwhile Dodd-Frank mandates. … Continue Reading
