Agencies Issue Statement on Elder Financial Exploitation
Date: December 4, 2024
Source: Federal Reserve Board (FRB)
Summary:
The Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), and the Office of the Comptroller of the Currency (OCC) have issued a joint statement on elder financial exploitation. The statement highlights the growing problem of elder financial exploitation and provides guidance to financial institutions on how to prevent and mitigate this type of abuse.
Key Points:
- Elder financial exploitation is a growing problem in the United States, with an estimated 10% of seniors being victims each year.
- Financial institutions play a critical role in preventing and mitigating elder financial exploitation by providing training to staff, implementing policies and procedures, and reporting suspected cases to law enforcement.
- The agencies’ statement provides guidance to financial institutions on how to develop and implement effective elder financial exploitation prevention programs.
- The statement also emphasizes the importance of working with law enforcement, adult protective services, and other community organizations to combat elder financial exploitation.
Background:
Elder financial exploitation is a form of abuse that involves the unlawful or improper use of an older adult’s funds or property. It can take many forms, including:
- Scams and fraud
- Identity theft
- Forgery
- Theft of money or property
- Exploitation by family members or caregivers
Impact of Elder Financial Exploitation:
Elder financial exploitation can have a devastating impact on victims, both financially and emotionally. It can lead to:
- Financial losses
- Emotional distress
- Physical harm
- Social isolation
Prevention and Mitigation:
Financial institutions play a critical role in preventing and mitigating elder financial exploitation. The agencies’ statement provides guidance to financial institutions on how to:
- Train staff to recognize and report suspected cases of elder financial exploitation
- Implement policies and procedures to prevent and detect elder financial exploitation
- Report suspected cases to law enforcement and other appropriate authorities
- Work with community organizations to raise awareness of elder financial exploitation and provide support to victims
Enforcement:
The agencies’ statement also emphasizes the importance of enforcement efforts to combat elder financial exploitation. Federal and state law enforcement authorities have the authority to investigate and prosecute cases of elder financial exploitation.
Conclusion:
Elder financial exploitation is a serious problem that can have a devastating impact on victims. Financial institutions play a critical role in preventing and mitigating this type of abuse. The agencies’ joint statement provides guidance to financial institutions on how to develop and implement effective elder financial exploitation prevention programs.
Agencies issue statement on elder financial exploitation
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