Compliance Blog

Written by Steve Van Beek

Section 1013(g) of Dodd-Frank required the CFPB to create an Office of Older Americans:

"(g) OFFICE OF FINANCIAL PROTECTION FOR OLDER AMERICANS.—

(1) ESTABLISHMENT.—Before the end of the 180-day period beginning on the designated transfer date, the Director shall establish the Office of Financial Protection for Older Americans, the functions of which shall include activities designed to facilitate the financial literacy of individuals who have attained the age of 62 years or more (in this subsection, referred to as ‘‘seniors’’) on protection from unfair, deceptive, and abusive practices and on current and future financial choices, including through the dissemination of materials to seniors on such topics."

In mid-May, the CFPB testified before the House Committee on Energy and Commerce and discussed the issue of elder abuse.

"Problem: Older Americans, their caregivers, and others in the community don’t know how to spot and avoid frauds and scams.

• CFPB initiative: The Office is developing an awareness program called Money Smart for Older Adults, in collaboration with the FDIC. This community education program uses the FDIC’s well established Money Smart training approach. The Bureau and the FDIC worked together to prepare content on common issues facing seniors, including how to identify a potential scam or fraud, and that module will be released jointly by the FDIC and the CFPB later in 2013. These training materials focus on preventing, recognizing, and reporting elder financial exploitation, and will serve as training for older consumers and other key audiences. (Emphasis added).

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Yesterday, the CFPB and the FDIC announced their Money Smart for Older Adults program. There are seven segments:

• Common Types of Elder Financial Exploitation
• Scams Targeting Veterans
• Identity Theft
• Medical Identity Theft
• Scams that Target Homeowners
• Planning for Unexpected Life Events
• How to Be Financially Prepared for Disasters

You can download the instructor led curriculum here. And, you can find the Participant/Resource guide here. As your credit union works to protect your members (and train your staff on identifying and addressing elder abuse), be sure to review these resources as well as the Office of Older American's main webpage and additional resources.