CFPB and FDIC release enhancements to financial education program for seniors

Agency Rule-Making & Guidance FDIC CFPB Consumer Finance Elder Financial Exploitation Covid-19 Bank Regulatory

On July 14, the CFPB and FDIC announced enhancements to Money Smart for Older Adults, the agencies’ financial education program geared toward preventing elder financial exploitation. The enhanced version includes sections to help people avoid romance scams, which, according to data from the FTC, led to $304 million in losses in 2020. In addition, the agencies are also releasing an informational brochure on Covid-19 related scams. FDIC training materials and other resources for older adults are available from the CFPB here.