On June 14, 2024, President Biden declared June 15th World Elder Abuse Awareness Day.  In honor of the day, the Financial Crimes Enforcement Network (FinCEN) reminded financial institutions (FIs) to remain vigilant in identifying and reporting elder financial exploitation (EFE).

In issuing the reminder, FinCEN cited the Financial Trend Analysis (2024 Analysis) it recently performed which focused on patterns and trends identified in Bank Secrecy Act data linked to EFE, which we previously blogged on here. … 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

The CFPB has released four booklets to serve as guides for financial caregivers, particularly those who handle the finances of older Americans.  The booklets represent the CFPB’s latest efforts directed at carrying out its Dodd-Frank mandate to help older Americans avoid financial exploitation.  Those efforts deserve the support of industry and consumers alike. … Continue Reading