Consumer Financial Protection Bureau: Consumer Financial Protection Bureau recommends financial institutions report suspected financial exploitation of older adults

Consumer Financial Protection Bureau, July 17, 2019: Consumer Financial Protection Bureau recommends financial institutions report suspected financial exploitation of older adults

The Consumer Financial Protection Bureau (bureau) today issued an updated advisory to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation. The bureau also recommended that financial institutions file Suspicious Activity Reports (SARs) with the federal government when they suspect elder financial exploitation (EFE). Today’s updated advisory builds on the bureau’s earlier recommendations and its recent research on elder financial abuse. It contains voluntary best practices to help financial institutions prevent and respond to EFE.

In a 2019 research report, the bureau underscored the importance of reporting EFE to the relevant authorities, based on a study of 180,000 EFE SARs filed from 2013 to 2017. The bureau found that EFE is widespread and damaging, with an average loss of $41,800 among adults over the age of 70 who sustained a loss and with 7% of adults losing over $100,000. The bureau’s analysis of SARs found that less than one-third of EFE SARs (28 percent) state that the filing institution also reported the activity directly to Adult Protective Services, law enforcement or other authorities. As of April 2019, 26 states plus the District of Columbia mandate reporting of suspected EFE by financial institutions or specified financial professionals.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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