Elder abuse is very common in the United States. Research shows that 17 percent of abuse in Americans over the age of 65 is financial exploitation. Studies show that only one in 44 cases is ever reported. The Consumer Financial Protection Bureau (CFPB) posted new resources to its blog this month to help credit unions and banks spot the abuse.
The CFPB talked with banks, credit unions, police, prosecutors, service providers and government agencies, to get recommendations that financial institutions can put in place to help better protect against elder abuse. Credit unions are encouraged to download the advisory that has six ways financial institutions can help prevent elder abuse. The CFPB also has a report available that has many recommendations and best practices for financial institutions .
In June during the Southeast Credit Union Conference & Expo, an Elder Exploitation:We Can Make a Difference session will be held on Friday. This is a great session to help credit unions better understand elder abuse and ways to prevent it on a daily basis.