CFPB Webinar: Associations to Promote Age-Friendly Toolkit

Logo for the Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau's (CFPB) Office for Older Americans hosted a webinar this week for associations (including the California and Nevada Credit Union Leagues) to promote a newly developed age-friendly banking toolkit designed for financial institutions that includes information about elder financial exploration, Suspicious Activity Reports (SARs), voluntary age-friendly practices, and consumer education tools.

During the 30-minute webinar, the CFPB provided an overview of materials included in the toolkit that credit unions can use to help protect their older account holders from fraud and scams.

Such pieces include:

  • Sample content language for credit unions to insert into newsletters, blogs, email blasts, and social media posts.
  • Guides for financial caregivers (agents under a power of attorney, guardians and conservators, trustees, and social security and Department of Veteran Affairs--VA representatives) on how to manage someone else’s money.
  • Fraud prevention materials and other consumer advisory guides to provide to older consumers.
  • Information and advisories for financial institutions on preventing and responding to elder financial exploitation.

While the webinar was only available to associations, the CFPB anticipates offering a financial institution-facing webinar later this summer.

The Leagues will provide further updates to credit unions once more information is available.

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