By Laine Crosby
Browsing: Elder abuse
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 House Financial Services Committee unanimously passed a bill today creating a safe harbor for financial institutions and their employees who report suspected elder financial abuse to authorities.
In observance of World Elder Abuse Day on June 15, the ABA Foundation today issued a press release with steps older Americans and their caregivers can take to prevent financial abuse, which is estimated to cost seniors $2.9 billion each year.
In observance of Older Americans Month this May, ABA today issued a press release warning consumers of impersonation scams — commonly referred to as “grandparent scams” — where criminals deliberately target older Americans by posing as family members or friends.
As technology evolves, state-level stalwarts such as elder financial abuse and foreclosure are now sharing the legislative spotlight with novel issues generated from the success of Airbnb, Uber and other “sharing economy” firms.
By Linda W. Navarro here are many ways that banks engage in protecting their customers’ hard-earned dollars. Lending prudently, providing deposit insurance, combating fraud, advising about smart financial choices—the list goes on. Lesser known, but equally important, is the work banks do to protect older Americans from financial abuse. (See “Safe Banking, Savvy Seniors.”) At
Financial institutions are “well-positioned” to take a proactive stance on preventing fraud and financial exploitation of seniors, ABA Board Member F. Scott Dueser — who is chairman, president and CEO of First Financial Bankshares Inc., Abilene, Texas — told White House Conference on Aging participants yesterday.