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Preventing elder financial abuse focus of webinar
The Federal Deposit Insurance Corporation and CFPB are co-hosting a webinar to promote ways in which financial institutions and law enforcement can collaborate to address and prevent elder financial abuse. Credit unions are encouraged to participate.
The webinar – slated to begin at 2:00 p.m. Eastern July 25 – will provide financial institutions with resources and strategies to develop working relationships with law enforcement and discuss how suspicious activity report (SAR) filings can be used effectively.
The webinar will also highlight the challenges involved with detecting and preventing elder financial abuse. Credit unions can access the free resource to raise awareness around older adults and their caregivers – Money Smart for Older Adults – and the NCUA also has a rundown of resources on the topic available here.
Reducing elder financial abuse is 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.
NAFCU has met with both the CFPB 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.