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WBK Industry News - Federal Regulatory Developments

FDIC and CFPB Update Educational Materials on Prevention of Elderly Financial Exploitation

The FDIC and the CFPB have updated materials that inform elderly consumers of potential fraudulent practices and scams. The update does not contain any mandates over regulated entities.

Money Smart for Older Adults is a curriculum created through a joint effort of the FDIC and the CFPB, and is designed to help older adults and their caregivers protect themselves from financial exploitation. The stand-alone module identifies common types of elder financial exploitation, such as imposter scams and identity theft.

The update provides new information and resources detailing new scams discovered by the FDIC and the CFPB since the original promulgation.

The FDIC’s press release covering the enhancements may be found here: https://fdic.gov/news/news/press/2017/pr17021.html.

The Money Smart curriculum may be found here: https://www.fdic.gov/consumers/consumer/moneysmart/olderadult.html.