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Category Archives: Elder Financial Abuse

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CFPB report on community networks to combat elder financial abuse and resource guide highlight role of financial institutions

Posted in Elder Financial Abuse

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… More >

CFPB to hold May 25 webinar for banks on elder financial exploitation

Posted in Elder Financial Abuse

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… More >

CFPB issues advisory and report on elder financial abuse

Posted in Elder Financial Abuse

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… More >

CFPB issues advisory for older consumers about asset recovery scams

Posted in Elder Financial Abuse, Financial Literacy

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… More >

CFPB issues state-specific guides for financial caregivers

Posted in Elder Financial Abuse

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… More >

Financial Services Roundtable and CFPB join forces in financial education initiative

Posted in Elder Financial Abuse, Financial Literacy

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… More >

CFPB Joins Forces with FDIC on Spanish-Language Tool to Prevent Senior Financial Abuse

Posted in Elder Financial Abuse, Financial Literacy

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… More >

New CFPB initiatives to prevent elder financial abuse and improve financial literacy

Posted in Elder Financial Abuse, Financial Literacy

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.  It includes information about warning… More >