3/23/2016 – CFPB resleases advisory for financial institutions on preventing and responding to elder financial exploitation
Today the Consumer Financial Protection Agency released an advisory and report for banks and credit unions on how they can better protect older consumers from 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. After talking with banks, credit unions, police, prosecutors, service providers and government agencies, the CFBP is offering recommendations that financial institutions can put in place to protect their older account holders.