WASHINGTON (7/15/15)--The Consumer Financial Protection Bureau (CFPB) will be releasing an advisory to financial institutions later this year to help those institutions prevent, recognize and report elder financial abuse.
CFPB Director Richard Cordray announced the advisory while speaking at the White House Conference on Aging Monday.
“Recent studies found that financial exploitation is the most common form of elder abuse, but only a small fraction of incidents is ever reported,” Cordray said. “So we are calling on financial institutions to do their part to help protect older Americans.”
Cordray said that seniors represent a prime target for scammers due to higher household wealth in the form of retirement savings or home equity, combined with potential diminished capacity and isolation.
“When seniors fall victim to a scam or to theft by a trusted family member, they may be too embarrassed or too frail to pursue legal action or even to report that they have suffered harm,” he said. “So it is crucial that others are looking out for them. Financial institutions are especially well-positioned to prevent such fraud.”
The agenda for Monday’s conference included a number of panel discussions about caregiving and planning for financial security at every age, as well as remarks from a number of policymakers and advocates.