United States

FDIC releases new version of Money Smart for Older Adults

AML AND COMPLIANCE NEWS  | 

The Federal Deposit Insurance Corporation (FDIC) recently announced the release of a Spanish version of Money Smart for Older Adults in addition to the current English version in order to prevent elder financial exploitation. The training is meant to create awareness among older adults and their caregivers on how to identify elder exploitation, and to encourage advance planning and informed financial decision-making. The Bureau of Consumer Financial Protection (Bureau) and the FDIC jointly developed Money Smart for Older Adults. It provides an instructor-led training module that can be used by trusted individuals who serve the older adult population such as representatives of social services, law enforcement, financial institutions, legal professionals and other volunteers. The Money Smart for Older Adults is now in English and Spanish, and has been updated to provide new information and resources to help older adults guard against identity theft, scams that target homeowners, scams that target veterans as well as how to prepare financially for disasters, helpful resources on managing money and reporting financial exploitation. The module has three parts and includes an instructor guide, a participant/resource guide, and a PowerPoint presentation that supplements classroom instruction. The guide is available for download from the FDIC website and can be ordered in bulk for larger distribution from the Bureau website.