Category: Industry and markets
Recommendations and report for financial institutions on preventing and responding to elder financial exploitation
Elder financial exploitation robs victims of their resources, dignity and quality of life—and they may never recover. Banks and credit unions are uniquely positioned to detect it and to take action.
The Consumer Financial Protection Bureau’s Office for Older Americans has identified best practices to assist banks and credit unions with their efforts to prevent elder financial abuse and intervene effectively when it occurs. The CFPB issued an advisory and a report including broad recommendations. The Bureau invites institutions to consider these recommendations as they assess their own current practices.