Community banks can lead the fight against elder abuse and earn CRA credit. Through CRA Partners, ICBA members can access a CRA compliance program powered by the Senior Housing Crime Prevention Foundation.
Identifying, preventing, and reporting elder financial exploitation is a serious issue.
According to the CFPB’s “Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends” Report (Feb. 2019), incidents of elder abuse have quadrupled since 2013. Financial institutions have filed more than 180,000 suspicious activities reports targeting older adults, totaling more than $6 billion.
As a relationship lender with close ties to your customers and communities, your community bank is in an ideal position to identify signs of financial abuse among your customers. ICBA has compiled a number of resources to help your bank identify, prevent, and report elder financial exploitation.
A modern, interactive online training platform that helps community bank employees identify and stop suspected financial exploitation. Designed for staff at all levels of your bank with input from financial industry professionals
This resource guide was created to help older adults, family caregivers, and others prevent, recognize, and report financial exploitation. Guides are available in English and Spanish and can be ordered in bulk at no cost.
Millions of Americans manage money or property for a loved one who is unable to pay bills or make financial decisions independently. This CFPB guide explains fiduciary obligations and discusses how to spot elder financial exploitation and avoid scams. Community banks can customize the guides with their logos to share with customers and clients.
CFPB Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends Report, February 2019 (See PDF)
FinCEN Financial Institution Advisory, “Advisory to Financial Institutions on Filing Suspicious Activity Reports Regarding Elder Financial Exploitation.” (February 22, 2011) (See PDF)
Annually, financial institutions lose more than $1 billion in deposits due to the exploitation of Americans over the age of 50.
The average victim of elder financial exploitation loses $120,000.