Skip to main content

ABA Foundation Publishes Guide on Financial Exploitation of Seniors

Phil Hall
Jun 22, 2018
In its quarterly NRMLA/RiskSpan Reverse Mortgage Market Index, the National Reverse Mortgage Lenders Association (NRMLA) reports that homeowners 62 and older saw their housing wealth grow by 1.6% or $120 billion in Q1 of 2020 to a record $7.54 trillion

The American Bankers Association (ABA) Foundation has published a guide designed to help banking professionals identify potential financial exploitation of seniors.
The new guide “Protecting Seniors: A Bank Resource Guide for Partnering with Law Enforcement and Adult Protective Services” was developed in collaboration with input from the National Sheriffs’ Association, National Adult Protective Services Association and the Consumer Financial Protection Bureau. The guide offers insight on financial abuse aimed at seniors, which is estimated as being at an annual level of $2.9 billion.
“Keeping seniors’ money safe is a top priority for our nation’s banks,” said Corey Carlisle, ABA Foundation Executive Director. “Our hope is that this resource guide will help the industry foster improved communication and education among Adult Protective Services and law enforcement, which are key elements in preventing elder financial abuse.
“Banks are important community resources in the fight against elder fraud,” said Ed Hutchinson, Director of Traffic Safety, Triad and Officer Safety at the National Sheriffs’ Association. “Rapport built between banks and law enforcement before a critical incident can speed up investigations and will help us address cases. The guide will not only support law enforcement efforts but will have a tremendous impact on the most vulnerable people we serve.”
The focus on elder abuse is gaining greater attention within the financial services industry. Earlier this week, the National Reverse Mortgage Lenders Association published its own free guide to call attention to financial exploitation of seniors.

Jun 22, 2018
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021