CFPB Issues New Guides on Elder Financial Abuse

The CFPB’s Office for Older Americans recently issued a new guide to protect against elder financial abuse, titled “Preventing Financial Elder Abuse: Guide for Family and Friends of People Living in Nursing Homes and Assisted Living Communities.”  The guide focuses on four key steps of successful intervention: prevention, recognition, record keeping, and reporting.

In order to prevent elder financial abuse, the CFPB recommends staying in contact with your loved ones and working with the nursing home or assisted living community where they reside.  The CFPB further provides insight to help friends and loved ones recognize the signs of financial elder abuse, including, among other matters, the things your loved one may tell you or that you observe, things you may see in their living space during your visits, problems they may be having with other family or friends, problems they may be having in paying their bills or managing money, and any problems they may be having with a financial caregiver.  The CFPB also recommends detailed record keeping, such as dates, times, locations, and communications.  Finally, contact information is provided for reporting suspected elder abuse.