While grilling out over the Memorial Day weekend, some friends and I got onto the topic of elder abuse. Over half of the people involved in the conversation had an elderly family member that had been the victim of some sort of scam or financial exploitation, a grim fact of life that has become all too common. While there are several forms of elder abuse, the one that credit unions have the most power to detect and prevent is financial abuse of the elderly. With a rapidly growing aging population, this will become all the more important – by the year 2030, one out of five Americans will be 65 or older.
I encourage you all to mark your calendars for ‘World Elder Abuse Awareness Day’ on June 15th, and to take a look at some of the resources below and refresh your staff on the importance of protecting your elderly members.
Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults – http://files.consumerfinance.gov/f/201309_cfpb_elder-abuse-guidance.pdf
CFPB’s Office for Older Americans – http://www.consumerfinance.gov/older-americans/
National Center on Elder Abuse Administration on Aging – http://www.ncea.aoa.gov/index.aspx