CFPB Issues New Advisory for Reporting Elder Exploitation

The Consumer Financial Protection Bureau urges financial institutions to report to the appropriate local, state and federal authorities whenever an older adult is potentially the target or victim of financial exploitation.

SENIOR SAFEGUARD CU BOX 1500 x 1230The Bureau's updated advisory also recommends that financial institutions file Suspicious Activity Reports with the federal government when they suspect elder financial exploitation (EFE). The updated advisory includes voluntary best practices to help financial institutions prevent and respond to EFE. View the updated advisory here.

To assist member credit unions, the MD|DC Credit Union Association has been engaging in an effort to certify employees in recognizing and reporting financial fraud. The free, online training helps meet federal requirements for immunity when a financial institution reports suspected fraud. 

Senior Safeguard is also now available at no cost to your credit union to offer as a benefit to your members. Credit unions can access the marketing toolkit to help launch the program here: Launch Toolkit.

Here are the links to get your employees and members started on training:

Senior Safeguard for Employees: https://mddccua.everfi-next.net/welcome/employees

Senior Safeguard for CU Members: https://mddccua.everfi-next.net/welcome/members

If you have questions, please contact Michelle Byrnie-Parker at mparker@mddccua.org