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Bureau Moves to Protect Elderly from Financial Abuse

The CFPB works toward preventing financial abuse of the elderly.

World Elder Abuse Awareness Day has sparked some detailed efforts by the federal government to protect the finances of the elderly, as detailed by the Consumer Financial Protection Bureau in "Preventing financial exploitation on World Elder Abuse Awareness Day."

One of the most important things the agency is doing focuses on reporting the problem in the first place.

Several studies and reports have detailed not only the scope of the elder financial abuse problem, but also how banks and other financial institutions can recognize it and help to prevent it.

Educational materials have been created so people can be trained to spot potential elder abuse. The CFPB has also put together local stakeholder support networks and distributed information directly to elders. For example, they have provided informative place mats to Meals on Wheels users.

An elder law attorney can advise you, if you suspect any elder financial abuse.

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