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Consumer Financial Protection Bureau (CFPB) Financial Institutions Elder Issues

GeoDataVision

Elder Abuse-Financial Exploitation and Fraud

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Len and Dean discuss the alarming issue of elder abuse in their 78th and 79th podcasts. Dean expresses concern, especially since he has elderly parents, and highlights recent statistics from FinCEN and the FBI on elder...more

Alston & Bird

CFPB Updates Financial Institution Guidance on Elder Financial Exploitation

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A&B ABstract: In July 2019, the Consumer Financial Protection Bureau (“CFPB”) issued an update to its 2016 Advisory and Recommendations for Financial Institutions on Preventing and Responding to Elder Financial...more

Ballard Spahr LLP

CFPB issues update to 2016 advisory on elder financial abuse

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The CFPB has issued an update to its 2016 advisory that contained recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans....more

Ballard Spahr LLP

CFPB report on community networks to combat elder financial abuse and resource guide highlight role of financial institutions

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The CFPB has issued a new elder financial abuse report, “Report and Recommendations: Fighting Elder Financial Exploitation through Community Networks,” and a related resource guide, “A Resource Guide for Elder Financial...more

Ballard Spahr LLP

CFPB to hold May 25 webinar for banks on elder financial exploitation

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The American Bankers Association has reported that on May 25, 2016, the CFPB will hold a webinar on how banks and credit unions can protect older consumers from financial exploitation. The webinar will highlight the CFPB’s...more

Ballard Spahr LLP

CFPB Community Bank Advisory Council to meet on April 21

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The CFPB will hold a meeting of its Community Bank Advisory Council on April 21, 2016 in Washington, D.C. According to the CFPB’s notice published in today’s Federal Register, there will be a discussion of the CFPB’s...more

Ballard Spahr LLP

CFPB issues advisory and report on elder financial abuse

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The CFPB has issued an advisory and a report with recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans. The CFPB’s press release describes...more

Ballard Spahr LLP

CFPB Credit Union Advisory Council to meet on March 24

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The CFPB will hold a meeting of its Credit Union Advisory Council on March 24, 2016 in Washington, D.C. According to the meeting agenda, one session will be a discussion of the CFPB’s strategic outlook and the other session...more

Ballard Spahr LLP

CFPB issues advisory for older consumers about asset recovery scams

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The CFPB recently issued an advisory for older consumers about asset recovery companies that target older consumers who are past victims of fraud, such as bogus timeshare investments and in-home business opportunities. The...more

Ballard Spahr LLP

CFPB plans national survey on financial well-being

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The CFPB has published a notice in the Federal Register indicating that it is planning to conduct a “Financial Well-Being National Survey.” In the notice, the CFPB states that through its prior research, it has determined...more

Ballard Spahr LLP

Financial literacy highlighted in Director Cordray’s remarks to the American Bankers Association

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Financial literacy was the focus of Director Cordray’s remarks last week at the American Bankers Association Annual Convention. He identified three areas where the CFPB is focusing its efforts and where financial institutions...more

Goodwin

Financial Services Weekly News - October 2015 #3

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Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

BakerHostetler

Consumer Financial Protection Bureau Files Suit Against Company and Individuals Who Allegedly Ran Pension Loan Scam

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On August 20, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the New York superintendent of financial services jointly sued Pension Funding, LLC; Pension Income, LLC; and individuals Steven Covey, Edwin Lichtig,...more

Carlton Fields

CFPB and New York Department of Financial Services Sue Pension Loan Companies for Deceptive Marketing

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On August 20, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) jointly filed suit against two pension loan companies and three individual managers for deceptively marketing...more

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