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

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.

Published Category: Info for consumers

Planning for financial decisions as you age

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.

Published Category: Info for consumers

Banks can help spot elder financial exploitation and abuse

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.