Article – Elder Protections (Articles)
Elder Protections
Elder Protections
Elder Protections from federal agencies in the U.S. are designed to safeguard older adults from financial exploitation, fraud, and abuse, recognizing their vulnerability in various aspects of life. Several key federal agencies play significant roles in implementing these protections:
- Consumer Financial Protection Bureau (CFPB): The CFPB focuses on ensuring that older adults are protected from deceptive and unfair financial practices. It provides resources and tools to help seniors make informed financial decisions, including advice on managing retirement accounts, avoiding scams, and understanding financial products. The CFPB also investigates complaints and works to improve financial practices to better serve older consumers.
- Federal Trade Commission (FTC): The FTC is instrumental in combating fraud and deceptive practices that target older adults. It enforces laws against misleading advertising and fraudulent schemes, such as phishing scams and investment frauds. The FTC also educates seniors about common scams and provides resources to help them recognize and avoid fraudulent activities.
- Securities and Exchange Commission (SEC): The SEC works to protect older investors from securities fraud and investment scams. It regulates financial markets and enforces laws that ensure transparency and fair practices in the trading of stocks, bonds, and other securities. The SEC also provides educational materials and resources to help older adults make informed investment decisions and avoid financial exploitation.
- Commodity Futures Trading Commission (CFTC): The CFTC oversees commodity and futures markets, ensuring they operate fairly and transparently. It protects older adults from fraud and manipulation in these markets by regulating trading practices and investigating complaints related to commodity investments and futures trading.
- Elder Justice Initiative (EJI) – Department of Justice (DOJ): The EJI focuses on preventing elder abuse and exploitation. It coordinates with law enforcement and community organizations to address and prosecute cases of elder abuse, including financial exploitation. The initiative also provides training and resources to enhance the response to elder abuse and improve protections.
- Administration for Community Living (ACL): The ACL supports programs and services that protect older adults and enhance their quality of life. It oversees various initiatives aimed at preventing elder abuse, including grants for adult protective services and programs to educate seniors about their rights and available support.
Together, these federal agencies work to ensure that older Americans are protected from financial exploitation, fraud, and abuse by enforcing regulations, providing education, and offering resources to help them navigate potential risks and make informed decisions.
Resources:
- FBI-IC3 – Elder Fraud