June 26, 2019
Webinar: Building Collaboration between Financial Institutions and Law Enforcement to Prevent and Address Elder Financial Abuse
The FDIC is co-hosting a webinar with the Consumer Financial Protection Bureau (CFPB) on July 25, 2019 from 2:00 p.m. to 3:00 p.m. ET to promote appropriate ways in which financial institutions and law enforcement can collaborate to prevent and address elder financial abuse. In particular, the webinar will provide financial institutions with resources and strategies to develop strategic working relationships with law enforcement to address or redress elder financial abuse.
Statement of Applicability to Institutions with Total Assets Less Than $1 Billion: This Financial Institution Letter (FIL) applies to all FDIC-insured institutions.
- The FDIC and CFPB are co-hosting a webinar on July 25, 2019 from 2:00 p.m. to 3:00 p.m. ET. The webinar will provide financial institutions with resources and strategies to develop strategic working relationships with law enforcement to address or redress elder financial abuse. Registration is available online.
- The webinar will highlight the challenges involved with detecting and preventing elder financial abuse, and will explain how Suspicious Activity Report (SAR) filings can be used to address it.
- The webinar will also discuss Money Smart for Older Adults, a free resource developed by the FDIC and CFPB to raise awareness among older adults and their caregivers on how to prevent elder financial exploitation and encourage advance planning and informed financial decision-making. Money Smart for Older Adults is available for immediate download.
- According to the CFPB, SAR filings on elder financial exploitation quadrupled between 2013 and 2017. While financial institutions are increasingly filing elder financial exploitation SARs, there are often missed opportunities to report the suspicious activity to law enforcement. Strong collaboration between financial institutions and law enforcement may help prevent elder financial abuse, while also strengthening response efforts.