From the Archives: July 2013

CFPB & FDIC Tools to fight Older Adults Financial Exploitation and Elder Abuse 

June 15 was recognized as International Elder Abuse Awareness Day by the United Nations. The UN defines elder abuse as “a single or repeated act, a lack of appropriate action, occurring within any relationship where there is an expectation of trust which causes harm or distress to an older person.” Michigan’s Adult Protective Services provides definitions of Vulnerable, Abuse, Neglect and Exploitation as well, which is located here.

Additionally, in June, the CFPB and FDIC collaborated to develop a tool for older Americans to prevent financial exploitation. Included was a training module that “provides information to raise awareness among older adults (age 62 and older) and their caregivers on how to prevent, identify and respond to elder financial exploitation, plan for a secure financial future, and make informed financial decisions.” The CFPB’s press release can be found here

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