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Category: Data, research, and reports |
Published

Financial institutions report widespread elder financial abuse

The Bureau released a report about key facts, trends, and patterns revealed in Suspicious Activity Reports—or SARs—filed by banks, credit unions, casinos, and other financial services providers from 2013-2017. This first-ever public analysis provides a chance to better understand elder fraud and to find ways to improve prevention and response.

Category: Data, research, and reports |
Published

Older Americans are not alone in the fight to stop financial abuse
Archived

Banks and credit unions are in a unique position to prevent financial exploitation of older Americans and to intervene effectively when older account holders are targeted or victimized. That is why today we are releasing an advisory and report for banks and credit unions on how they can better protect older consumers from financial abuse.

Category: Info for consumers |
Published

Planning for financial decisions as you age
Archived

Here at the CFPB, we worked with our federal partners at the Securities and Exchange Commission to create a Consumer Advisory and Investor Bulletin on planning for the future, when you may not be able to manage your money and property. This is often referred to as diminished capacity. The advisory has advice on planning for your financial future, getting your documents in order, and watching out for financial exploitation.

Category: Info for consumers |
Published

Banks can help spot elder financial exploitation and abuse
Archived

Financial institutions often spot the red flags for abuse sooner than anyone else, but sometimes personnel are confused. They want to help protect the consumer, but are unsure whether privacy laws allow them to share a consumer’s personal information with law enforcement and other authorities that can take action. Read more about spotting elder financial exploitation and abuse.

Category: Info for consumers |
Published

More than 70 percent of people with 401(k)s don’t realize they’re paying fees
Archived

Last week, I got my 401(k) plan fee disclosure notice in the mail. I almost threw it away. At first, it looked like all of those form notices you get – you know, the ones with the window envelope and “US Postage Paid” in the top right-hand corner. Not the most exciting-looking mail. So, why […]

Category: Info for consumers |
Published

Imagine an older you – and protect yourself
Archived

It can be hard to picture yourself older – but doing just that can spur you to plan for your later years. Take one Stanford study, for example. First, researchers showed students what they would look like at 60. Then, they asked: “If you had $1,000, how much would you save for retirement?” Those who […]