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August 23, 2016

CFPB urges CU, community partnerships to aid the elderly

A report released by CFPB Tuesday noted that credit unions and other financial institutions that voluntarily partner with other private and public entities, including law enforcement and adult protective services, can help protect the elderly from financial exploitation.

CFPB is encouraging these partnerships, or networks, and also released a resource guide and best practices to help communities combat elder financial abuse.

The bureau's report takes a closer look at how protection partnerships to prevent elder financial abuse operate in several communities and their effectiveness. CFPB found that these partnerships can increase reporting of suspected financial exploitation cases.

To help communities develop these kinds of partnerships, CFPB recommends:

  • creating protection partnerships that involve law enforcement and financial institutions; and
  • involving those stakeholders that serve ethnically, racially, and linguistically diverse and rural communities.

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