CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has issued an update to its 2016 advisory that contained recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans.
The 2016 advisory’s recommendations addressed six categories, one of which was the reporting of suspected elder financial exploitation (EFE) to relevant federal, state, and local authorities. … Continue Reading
The CFPB’s Office of Financial Protection for Older Americans has issued a new report on combating elder abuse. Titled “Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends,” the report draws on a non-public data derived from Suspicious Activity Reports (SARs) filed with federal regulators from 2013 to 2017.… 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
