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The CFPB Wednesday released a new online resource to help communities prevent and respond to cases of elder financial abuse. The Elder Fraud Prevention and Response Networks Development Guide seeks to establish and bolster collaborative networks to fight against fraud and empower older people with the tools and information needed to protect themselves from financial exploitation.

The guide launched in coordination with the upcoming World Elder Abuse Awareness Day happening June 15. The CFPB is also teaming up with the NCUA to host a webinar today – set to begin at 2 p.m. Eastern – on pandemic-related scams targeting older adults and fraud prevention strategies and resources. Access additional NCUA resources on elder fraud prevention here.

"The CFPB is focused on stopping financial exploitation of older Americans," said CFPB Director Kathy Kraninger in the guide's release. "We hope this resource will help launch networks in fighting elder financial exploitation in communities where networks don’t currently exist. For those communities with an existing network, the Networks Development Guide can help to refresh or realign its priorities and activities, or expand the diversity of its membership to include new stakeholders. We encourage the use of the guide by communities across the nation to build their capacity to prevent and respond to elder financial exploitation."

The guide offers several tools, templates, and exercises for stakeholders looking to create a new network or expand an existing one by completing tasks, including:

• planning a stakeholder retreat and training event;
• hosting a retreat;
• reconvening and establishing a network after hosting a retreat; and
• expanding network capabilities after establishing priorities.

Access the guide and learn more about the networks here.

NAFCU staff recently spoke with the CFPB's Office of Older Americans and is continuing to seek feedback from credit unions on financial abuse trends or areas where additional resources could benefit members. Credit unions are encouraged to contact Kaley Schafer, NAFCU regulatory affairs counsel, with comments on this topic via email at kschafer@nafcu.org.

In addition to its general resources on preventing elder financial abuse, the CFPB has a page dedicated to resources for older adults amid the coronavirus pandemic.