ABA Foundation Publishes Guide on Financial Exploitation of Seniors

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.

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Phil Hall

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Jun 22, 2018

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