WELCOME Jenefer Duane Senior Program Analyst Tami Sieckman

WELCOME Jenefer Duane Senior Program Analyst Tami Sieckman Outreach Coordinator Office for Older Americans Consumer Financial Protection Bureau Money Smart for Older Adults 2

CONSUMER FINANCIAL PROTECTION BUREAU OBJECTIVES – The Bureau is authorized to exercise its authorities for the purposes of ensuring that, with respect to consumer financial products and services – 1. Consumers are provided with timely and understandable information to make responsible decisions about financial transactions; 2. Consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination; 3. Outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens; 4. Federal consumer financial law is enforced consistently, without regard to the status of a person as a depository institution, in order to promote fair competition; and 5. Markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. Money Smart for Older Adults 3

FEDERAL DEPOSIT INSURANCE CORPORATION § FDIC is an independent agency. § Created by the Congress to maintain stability and public confidence in the nation's financial system. § Primary responsibilities: o Insuring deposits o Bank supervision o Failed bank resolution o Economic inclusion and access to mainstream banking services 4 Money Smart for Older Adults 4

OFFICE FOR OLDER AMERICANS The CFPB’s Office for Older Americans works to improve financial security for older consumers. We have resources to help those who serve older adults and their financial caregivers. What we do § We lead initiatives to help protect older people from financial harm. § We create tools and resources to support sound financial decision-making that safeguards later-life economic security. § We offer a variety of free resources that you can use or view online, download, or order in bulk. Visit consumerfinance. gov/olderamericans Money Smart for Older Adults 5

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MONEY SMART FOR OLDER ADULTS (MSOA) Developed jointly by FDIC and CFPB as an instructor led training. • Raises awareness on how to prevent elder financial exploitation. • Encourages planning and informed financial decision-making. Money Smart for Older Adults 7

PRESENTATION OBJECTIVES Attendees will be knowledgeable of: § Money Smart for Older Adults • Overview Module • Program planning • Collaboration opportunities/community partners • Speaker tips Money Smart for Older Adults 8

PROGRAM OBJECTIVES § Recognize and reduce the risk of elder financial exploitation § Guard against identity theft § Plan for unexpected loss of the ability to manage your finances § Prepare financially for disasters § Find other helpful resources on managing money and reporting financial exploitation Money Smart for Older Adults 9

MSOA TOPICS § Common Types of Financial Exploitation § Scams that Target Homeowners § Scams Targeting Veterans § Planning for Unexpected Life Events § How to Be Financially Prepared for Disasters Money Smart for Older Adults 10

NEW FEATURES! § Fresh new look § Improved graphics § New topics Money Smart for Older Adults 11

CURRICULA COMPONENTS § The Instructor Guide is fully scripted enabling professionals from many disciplines to begin teaching the module right away. § The Resource Guide is designed to support classroom instruction by providing key takeaways and can also be distributed to older persons and others on its own. § The Power. Point presentation that supplements classroom instruction. Money Smart for Older Adults 12

INSTRUCTOR GUIDE § Presentation Planning Guide § Icon Guide § Module Overview § Activities § Scams § Summary and Post-Tests § Evaluation Form § Glossary Money Smart for Older Adults 13

PRESENTATION PLANNING GUIDE Money Smart for Older Adults 14

INSTRUCTOR ICON GUIDE Presentation Review Present information or demonstrate an idea. Refer participants to and summarize material provided in the Participant Guide. Activity Assessment Guide participants through an activity to support their learning. Direct participants to take a short test. Discussion Ask a Question Facilitate a discussion about a topic as directed. Present a problem or question for discussion. Money Smart for Older Adults 15

IMAGE OF INSTRUCTOR GUIDE Money Smart for Older Adults 16

RESOURCE GUIDE Contains: § Information and activities to help learn the material § Tools and instructions to complete the activities § A glossary of the terms § Resources on managing money and reporting financial exploitation § Serves as a stand alone handout for distribution to older people and others Money Smart for Older Adults 17

HOW TO ACCESS CURRICULA Money Smart for Older Adults 18

ORDERING MSOA Visit www. fdic. gov/moneysmart Money Smart for Older Adults 19

ORDERING MSOA Select guides and Power. Point Money Smart for Older Adults 20

WHAT DO YOU KNOW? What is elder financial exploitation and who is at risk? Money Smart for Older Adults 21

WHAT IS ELDER FINANCIAL EXPLOITATION? § Fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual that uses the resources of an older person for personal benefit, profit or gain § Actions that result in depriving an older person of rightful access to, or use of benefits, resources, belongings, or assets Money Smart for Older Adults 22

WHO IS AT RISK? Anyone can be the victim of financial exploitation. Elder financial exploitation crosses all social, educational, and economic boundaries. Money Smart for Older Adults 23

WHY ARE OLDER ADULTS AT RISK? Some older adults may: § Have regular income and accumulated assets § Be trusting and polite § Be lonely and socially isolated § Be vulnerable due to grief from a loss § Be reluctant to report exploitation by a family member, caregiver, or someone they depend on § Be dependent on support from a family member or caregiver to remain independent Money Smart for Older Adults 24

WHY ARE OLDER ADULTS AT RISK? (cont. ) Some older adults may: § Be receiving care from a person with financial or other issues § Fear retaliation by the exploiter § Be unfamiliar with managing financial matters § Not have planned for the potential loss of decision-making capacity § Be cognitively impaired with diminished ability to make financial decisions or detect a fraud or scam § Be dependent on a family member or another person who may pressure them for money Money Smart for Older Adults 25

EXAMPLES OF FINANCIAL EXPLOITATION Exploitation by an agent under a POA or person in another fiduciary relationship Investment fraud and scams Theft of money or property by family members, caregivers, or in-home helpers Lottery and sweepstakes scams Money Smart for Older Adults 26

EXAMPLES OF FINANCIAL EXPLOITATION (cont. ) Money Smart for Older Adults Grandparent/ Imposter scams Tax and debt collection scams Charity scams Telemarketer, mail offer or salesperson scams Money Smart for Older Adults 27

EXAMPLES OF FINANCIAL EXPLOITATION (cont. ) Telephone, computer, and internet scams Identify theft Reverse mortgage fraud Contractor fraud and home improvement scams Money Smart for Older Adults 28

WHO ARE THE ABUSERS? People you know § Family members and caregivers § Friends, neighbors or acquaintances § Agents under a power of attorney § Financial advisers Money Smart for Older Adults 29

WHO ARE THE ABUSERS? Strangers § § § Telephone and mail scammers Internet scammers Home repair contractors Medicare scam operators Others Money Smart for Older Adults 30

WHY DON’T OLDER ADULTS REPORT EXPLOITATION? § Shame and embarrassment § Loyalty to a family member or caregiver § Fear of retaliation or not being believed § Dependence on the abuser § Denial § Self-blame § Lack of awareness Money Smart for Older Adults 31

WHO CAN HELP? Adult Protective Services For elder abuse, contact Adult Protective Services. Find contact information eldercare. gov or call 1 -800 -677 -1116. Local Police - 911 If someone is in danger or a crime has been committed, call the police. Money Smart for Older Adults 32

WHO CAN HELP? (CONT. ) For concerns about a financial institution contact the financial institution For example: § Bank § Credit Union For concerns about credit products contact the creditor You are often not responsible for unauthorized credit card charges or payments. For more information, go to consumerfinance. gov/askcfpb/ Money Smart for Older Adults 33

EXPLOITATION BY A FIDUCIARY Fiduciary Duties Fiduciary a person who is named to manage your money or property 1. Acts only in your interest 2. Manages your money and property carefully 3. Keeps your money and property separate from his/hers 4. Keeps good records Money Smart for Older Adults 34

WHAT IS A POWER OF ATTORNEY? POA a legal document that allows someone else to handle your finances on your behalf Money Smart for Older Adults § Appoints a substitute decision-maker who can handle finances on your behalf § Generally, avoids the need for a court-appointed guardian § Is relatively inexpensive to create; advisable to use a lawyer Money Smart for Older Adults 35

POWER OF ATTORNEY: RISKS • Pressure to grant more authority than you wish • Misuse of your funds • Unauthorized actions (e. g. , make gifts if you didn’t grant that power) Money Smart for Older Adults 36

POWER OF ATTORNEY § A durable POA remains effective even if the grantor loses the capacity to make financial decisions § An attorney can help make an appropriate POA for your circumstances Money Smart for Older Adults 37

POWER OF ATTORNEY: SAFEGUARDS § Trust but verify § Avoid appointing anyone who mismanages money or has personal issues. § Tell trusted professionals about your POA, including your financial institution so they can look out for misuse § If needed, change, cancel, or revoke the POA § Avoid appointing hired caregivers/helpers § Beware of new “best friends” who offer to handle your finances Money Smart for Older Adults 38

TIP: PLAN AHEAD! A durable power of attorney is a very important tool in planning for financial incapacity due to Alzheimer’s disease, other forms of dementia, or other health problems. Money Smart for Older Adults 39

IF YOU ARE A VICTIM Report financial exploitation immediately to Adult Protective Services or your local law enforcement agency. Money Smart for Older Adults 40

Effective Presentation Tips Money Smart for Older Adults 41

YOUR AUDIENCE § Know your audience § What are their expectations? § Consider how the information can be made relevant to them Money Smart for Older Adults 42

SPEAKER TIPS § Speak clearly and slowly (enunciate) § Project your voice § Use the microphone § Start slides by asking the question § Provide local stories or real-life examples Money Smart for Older Adults 43

SPEAKER TIPS § Compliment participants on interesting or insightful comments § Repeat participant questions so everyone can hear Money Smart for Older Adults 44

INSTRUCTOR ROLE § Convey course information clearly and effectively § Raise awareness of elder financial exploitation/encourage reporting of suspected exploitation to authorities § Inspire and empower participants to take action to protect themselves § Facilitate a safe environment for discussion Money Smart for Older Adults 45

Implementing Money Smart for Older Adults 46

DELIVERY OPTIONS § Independently by service providers, community-based organizations or others. § As tool for community partnerships with financial institutions o Example: Financial Institution staff can sponsor events and deliver information in collaboration with adult protective services, law enforcement or senior services providers. Money Smart for Older Adults 47

ENGAGEMENT Engage Adult Protective Services, Law Enforcement or other representatives to § Co-present, introduce their agency/org and share local stories, meet privately with participants. § Contact/join multi-disciplinary team, FAST (Financial Abuse Spec. Team) or elder abuse task force or council. § Set an outreach goal for number of presentations and participants reached. Money Smart for Older Adults 48

VENUES § Community Organizations that Serve Older Adults § Senior Centers § Senior Housing Communities/Residences § Assisted Living Centers § Volunteer Income Tax Assistance Clients § Faith-based Organizations/Older Adult Ministry § Retirement Groups § Key Clubs Money Smart for Older Adults 49

HELP YOUR FIDUCIARY HELP YOU The CFPB’s plain language guides help fiduciaries: § Walk them through their duties § Tell them how to watch out for scams and financial exploitation, and what to do if their loved one is a victim § Tell them where to go for help consumerfinance. gov/managing-someone-elses-money Money Smart for Older Adults 50

Managing Someone Else’s Money guides • Help for financial caregivers handling the finances for a family member or friend who is incapacitated • Guides for four common types of financial caregivers: – Agents under a Power of attorney – Guardians and conservators – Trustees – Social Security and Department of Veterans Affairs (VA) representatives • Includes tips on protecting assets from fraud and scams. • Available in English and Spanish 51

A RESOURCE GUIDE FOR NETWORKS Tips and resources on: § Steps for starting a network § Funding and sustainability § Traits of successful network coordinators § Organizing effective meetings § Education and case review Money Smart for Older Adults 52

FDIC Consumer News Articles § For Seniors: 15 Quick Tips for Protecting Your Finances § How Older Adults Can Steer Clear of Scam Artists § Before You Retire: Getting Your Finances Ready for Your Golden Years § After You Retire: Managing Your Expenses on a Fixed or Reduced Income § Borrowing From Your Home in Retirement? Carefully Research the Benefits and Risks § Estate Planning and Banking: How to Protect Money for Your Heirs in FDIC-Insured Accounts § Tips for Seniors Wanting to Help Relatives Money Smart for Older Adults 53

FDIC Consumer News • Offers practical guidance on becoming a smarter, safer user of financial services. • www. fdic. gov/consumernews – Quick Links to Articles (right-hand side) Money Smart for Older Adults 54

RESOURCES § www. fdic. gov/moneysmart • 1 -877 -ASK-FDIC § www. mymoney. gov • 1 -888 -My. Money (Federal Website of Resources) Money Smart for Older Adults 55

RESOURCES Consumer Financial Protection Bureau (CFPB): § Order publications including the Money Smart for Older Adults Resource Guide, (4 -6 wks. ahead) https: //pueblo. gpo. gov/CFPBPubs (search MSOA) § ASK CFPB, consumerfinance. gov/askcfpb/ § Submit complaints, consumerfinance. gov/complaint or by phone 1 -855 -411 -CFPB (2372) Money Smart for Older Adults 56

CFPB RESOURCES § Visit us: consumerfinance. gov/olderamericans • Join our mailing list for news and updates on resources • Order materials in bulk • Contact us olderamericans@cfpb. gov Money Smart for Older Adults 57

QUESTIONS? Thank You! Money Smart for Older Adults 58