Texas Specific Webinar - Elder Financial Exploitation

The National Council on Aging reports older Americans lose as much as $36.5 billion a year to financial exploitation. It has been billed as the crime of the twenty-first century, and as the senior population increases (U.S. Census statistics project the 65 and over population to double from 2012 to 2050), the loss is expected to increase proportionately…unless we help!

In 2017, the Texas Legislature made a huge push to ensure financial institutions were prepared to aid in the fight to protect our “vulnerable adult” customers from financial exploitation. (Your bank was required to have policies and procedures in place by September 1, 2017.) Now, with the signing of the Economic Growth, Regulatory Relief and Consumer Protection Act on May 24, 2018, the federal government is providing immunity when reporting suspected elder financial exploitation to federal, state and local authorities.

The catch? Each employee having contact with elderly customers, their activity and documents is required to have training on identifying and reporting elder financial exploitation, including the signs of financial exploitation and the legal requirement to respect the privacy of individual customers.

Part 1 of this webinar is designed for the bank’s management team. Participants will gain a clear understanding of requirements and protections under state and federal law. This webinar provides free resources, guidance and advisories from various state and federal government agencies and departments. The federal government has sounded the alarm (in unison no less)! FinCEN, the CFPB, FDIC, DOJ, FTC and FDIC are all asking for financial institutions to take a stand against elder financial exploitation.

Part 2 provides all training components required for immunity under the new federal law, and information on the Texas law requiring internal reports of suspected exploitation. Participants will learn the state and federal definitions of financial exploitation and the difference between a vulnerable adult and a senior citizen.

What You Will Learn

After your bank has completed both sessions, the bank must:
  • maintain records of program content,
  • maintain records of program participants,
  • ensure all new hires receive the required training and
  • train all employees on procedures for internal (in-bank) reporting of suspected financial exploitation

Who Should Attend?

This is a whole-bank issue. Officers and managers charged with developing policies and procedures and training staff to detect and report financial exploitation will benefit from the entire presentation. The last part is intended to assist the bank in training employees on the red flags of financial exploitation – what to look and listen for and when to report.