NCRC Releases White Paper on Older Adult Financial Exploitation
Washington, D.C. – Today, the National Community Reinvestment Coalition (NCRC) released a white paper on age-friendly banking titled “Empowering Financial Service Providers to Help: Ways the Bank Secrecy Act Can Play a Stronger Role in Detecting and Preventing the Financial Crimes that Exploit Older Adults.” The white paper presents recommendations for actions that law enforcement and federal regulators, such as the Financial Crimes Enforcement Network, can take through existing law to protect older adults from financial fraud. It also suggests training guidelines for financial service providers to better identify and report suspicious financial activities.
“As a society, we owe it to Older Americans to ensure that they are not financially abused and robbed of their hard-earned savings,” said NCRC’s President and CEO John Taylor. “By working together, financial service providers, regulators, and older adults and their families can make banking more safe and secure.”
The white paper can be found here. For more information on age-friendly banking, NCRC’s white paper “A New Dawn: Age-Friendly Banking” can be found here. Information about NCRC’s documentary “Fleeced: Speaking Out Against Senior Financial Abuse” can be found here.
The release of the white paper coincides with Older Americans Month. For further information about NCRC’s activities for Older Americans Month or about hosting a screening of “Fleeced,” please contact Bob Zdenek, Director of NCRC’s National Neighbors Silver program, at firstname.lastname@example.org.
About the National Community Reinvestment Coalition (NCRC):
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America’s working families.