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CFPB resources help older Americans navigate the pandemic
As the coronavirus pandemic continues to impact the nation, vulnerable populations such as older Americans remain extremely susceptible to financial abuse. NAFCU staff spoke with the CFPB's Office of Older Americans last week and is now seeking feedback from credit unions on financial abuse trends or areas where additional resources could benefit members.
Credit unions are encouraged to contact Kaley Schafer, NAFCU regulatory affairs counsel, with comments on this topic via email at kschafer@nafcu.org.
The CFPB’s Office of Older Americans has published various resources covering a wide-range of topics related to the pandemic, including:
- how to spot coronavirus-related scams and ways older Americans can protect themselves;
- tips on how to get started with online and mobile banking, financial planning during an uncertain time, and what to do when income decreases suddenly (including options available for mortgage and credit card payments); and
- how to plan for financial caregiving, for yourself and for others.
Access all the bureau's coronavirus-related resources here.
For more on this topic, a recent post on the Compliance Blog tackles how to mitigate elder financial abuse risk and highlights guidance issued throughout the pandemic from several federal regulators, including the Financial Crimes Enforcement Network, FDIC, and IRS.