Prevention of financial elder abuse subject for joint agency July webinar

Strategies for addressing and preventing elder financial abuse – including a discussion of the benefits of “appropriate collaboration” between financial institutions and law enforcement – will be presented in a July 25 webinar jointly sponsored by two regulators.

The Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) said they were co-hosting the webinar to equip financial institutions with resources and strategies to develop relationships to address elder financial abuse.

Among other things, the agencies said, the hour-long event will tackle topics such as detecting and preventing elder financial abuse. The agencies also plan to explain how suspicious activity report (SAR) filings can be used to combat abuse and will present resources that help raise awareness about elder financial exploitation (including Money Smart for Older Adults, a free resource designed for older adults and caregivers about how to prevent and encourage advance planning and informed financial decision-making).

The FDIC, in addition to a press release about the event, also issued a financial institution letter (FIL 34-2019) to all insured banks and thrifts about the event.

FDIC and CFPB Host Webinar on Elder Financial Abuse Prevention

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