CFPB Highlights Role of Banks in Helping Prevent Elder Fraud

Hundreds of communities across the country have developed coordinated local efforts to prevent, detect and respond to elder financial abuse, according to a Consumer Financial Protection Bureau report issued today. The report emphasizes the importance of collaboration among financial institutions, local law enforcement and adult protective services agencies to stem the multi-billion-dollar elder fraud problem.

The report and an associated resource guide for communities emphasized the value of including banks in these partnerships. “[M]embers of networks in states that include financial institution representatives said that law enforcement, APS and prosecutors were able to act quickly to protect victims from further losses as a result of relationships they developed with network members from banks and credit unions,” the bureau said. The report highlighted positive examples of state association partnerships in Oklahoma and Oregon, both of which are champions of the American Bankers Association’s Safe Banking for Seniors campaign.

The resource guide highlighted ABA and the state associations as a primary resource for community networks looking to partner with banks. The guide recommended that community networks engage with branch managers, compliance officers, community outreach staff and marketers at banks.