WASHINGTON (6/5/12)--The Consumer Financial Protection Bureau (CFPB) has increased its efforts in the fight against elder financial abuse, and credit unions can detail the steps they have taken to educate older members, and help prevent elder financial abuse, in a new Credit Union National Association (CUNA) Comment Call.
In the comment call, CUNA asks for details on any financial education, counseling, or tailored personal finance management programs that are offered by credit unions.
Credit unions can also report any financial education efforts that focus on mitigating the financial exploitation of older military veterans.
The CFPB has also asked for public comment on any fraudulent or deceptive practices that target elderly Americans and their families.
Comments must be submitted to CUNA by Aug. 10, and the CFPB is accepting comments until Aug. 20.
An estimated $2.9 billion was stolen from financially exploited senior citizens in 2010, according to the CFPB. The agency said reported instances of financial theft from seniors grew by 12% between 2008 and 2010, and the Financial Crimes Enforcement Network (FinCEN) in 2011 reported a sharp increase in the number of financial institutions that filed Suspicious Activity Reports related to elder financial abuse.
Large ATM withdrawals, abnormal debit transactions, and sudden non-sufficient fund charges are some of the many signs of elder financial abuse. Credit unions and other financial service providers should also be aware of caregivers that take a sudden interest in a senior citizen's financial activities, caregivers that attempt to speak for the senior citizen, or caregivers that refuse to leave a senior citizen's side when they are discussing financial matters, FinCEN recommended.
For the CUNA comment call, use the resource link.