August 24, 2016
The Consumer Financial Protection Bureau released a report about counties around the country who have developed community-based efforts to prevent, detect and respond to elder financial exploitation. Strong collaboration among community stakeholders - like financial institutions, adult protective services, and law enforcement - can be an effective way to protect older residents from financial exploitation. CFPB's Director Ricard Cordray said, "Hundreds of counties have developed a community-based approach to protect their seniors and retirees from financial exploitation. We’ve learned that an ‘all hands on deck’ strategy can be very effective to fight elder financial fraud. Our new guide and recommendations can help more community stakeholders build these very helpful networks to pool information, expertise, and resources in addressing this growing crisis.”
Read the report here.
In addition to the report, CFPB also created a resource guide and best practices to help other communities create their own protection partnerships to fight elder financial abuse. View the resource guide here.Back to News Listing