Newsroom

The CFPB on April 9 is offering a webinar to provide additional insights to its recent report on elder financial abuse. The report revealed that the number of elder financial exploitation (EFE) suspicious activity reports (SARs) filed by financial institutions quadrupled between 2013 and 2017.

The report provides insights to key facts, trends and patterns revealed in 180,000 EFE SARs analyzed by the bureau. Read the full report here.

The bureau is encouraging financial institutions, law enforcement, prosecution, adult protective services, the aging network and others to participate in the webinar, which will detail the key facts, trends and patterns revealed by the SARs, as well as their implications and next steps.

Registration for the webinar is available here. It is scheduled for 2 p.m. Eastern April 9.

NAFCU has met with the bureau and NCUA to discuss resources available to credit unions to detect and prevent elder financial abuse. The association also has a webinar on the issue available on-demand, as well as various compliance resources.

Reducing elder financial abuse has become a priority for federal agencies; last year, the Department of Justice, CFPB, Federal Trade Commission and other agencies announced a new task force that will mainly focus on fraud against the elderly, servicemembers and veterans.