October is Residents’ Rights Month, and the CFPB released an updated version of Preventing elder financial abuse: A guide for nursing homes and assisted living communities to help long-term care staff prevent and respond to financial exploitation of the people in their care.
The updated guide walks team members through the four steps to fighting elder financial abuse: Prevent, Recognize, Record, and Report. The update includes new information on using technology to stay connected and informed, along with new scenarios and resources found during the COVID-19 pandemic.
Although not specific to credit unions, this information may prove helpful in recognizing elder financial abuse. The guide is for assisted living community and nursing home managers and staff who can step in to help people who are experiencing financial abuse.
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