Elder Financial Abuse 
Article - Excerpts
Senior Financial Exploitation
Self-Assessment Questions




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You may be interested in reading my magazine article:Back
Elder Financial Abuse  
It is published in the National Mortgage Professional Magazine. (Free Subscription to our Clients and Subscribers.)

I have provided excerpts from the article and the download link.

The Consumer Financial Protection Bureau's (CFPB) Office of Older Americans is charged by the Dodd-Frank Act with examining certifications of financial advisors who serve elderly individuals and it plans to make recommendations to Congress on how to protect older consumers. Recently, the CFPB issued an Information Request regarding Senior Financial Exploitation.

In this article, I provide an outline of the CFPB's recent Information Request. I offer also a set of questions - revised from the Information Request so as to be relevant to loan originators - the answers to which may provide new ways and means to protect seniors from the snares of financial predators.

I hope you enjoy this article.

Please feel free to contact us at any time.

Jonathan Foxx
President and Managing Director 
Senior Financial Exploitation
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Using statistics from a recent study, the CFPB noted that Americans aged 60 and up lost at least $2.9 billion to financial exploitation in 2010 and that the total increased by 12 percent between 2008 and 2010.

So, to be clear: in the study period, there was a 12 percent increase in the amount of money scammed from seniors!

Also, women are more likely than men to be victims, and financial exploitation is most frequently perpetrated by family members and other persons in a position of trust.

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In the Information Request, the CFPB is seeking comments regarding certain areas that may affect senior financial exploitation:

* Evaluation of financial advisor certifications and designations.

* Providing financial advice and planning information to seniors.

* Certification and designation information sources.

* Financial literacy efforts.

* Financial exploitation of older Americans, including veterans of the Armed Forces.
Self-Assessment Questions

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The following are four of the twelve self-assessment questions from various categories:

* What resources does the company provide to seniors for determining the legitimacy, value, and authenticity of credentials held by its loan originators?

* How effectively are seniors able to use available resources, public or institutional, to select a loan originator with appropriate knowledge to address their specific financial needs?

* What financial education, counseling, or personal finance management programs are tailored by the company to the unique financial needs of older Americans and their families or caregivers?

* What types of education and training are provided to loan originators to inform them of fraudulent, unfair, abusive or deceptive practices targeting Americans age 62 and over?

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