On Sept. 11, WBA attended a train-the-trainer workshop hosted by CFPB, FDIC, and DFI focused on identifying and preventing elder financial abuse. The Money Smart Older Adults workshop, held in Madison, attracted individuals from elder advocacy agencies, state/county government, and many financial institutions. Over 20 WBA member banks and associate members registered for the event, representing nearly half of the attendees.

During the first half of the workshop, CFPB’s Jenefer Duane (Office for Older Americans) and FDIC’s Carol Maria (Community Affairs) walked participant through the popular Money Smart Older Adults (MSOA) program, providing presentation tips and demonstrating where to find support materials.

Did you know?
All the MSOA handouts and presentation materials are public domain, so banks can download the files from FDIC’s website and rebrand them before distributing in the community or to customers. One example: have your front-line staff hand out the “Managing Other People’s Money” pamphlet to customers who come in to open a POA account. Banks can also bulk order the materials from CFPB’s website.

After a networking lunch, the workshop closed with a Q&A session with a panel of four experts:

  • Carlos Bailey, Staff Attorney, Legal Action of Wisconsin, Elder Rights
  • Alice Page, Adult Protective Services and Systems Developer, Bureau of Aging and Disability Resources, Division of Public Health, Department of Health Services
  • Doreen A. Goetsch, Adult Protective Services Coordinator, Bureau of Aging and Disability Resources, Division of Public Health
  • Michael P. Austin, Policy Analyst, Wisconsin Department of Justice, Division of Law Enforcement Services

During the discussion, workshop attendees learned about what each of the panelists’ agencies does, how to connect with them, and other helpful tools. One highlight was discussion of the Financial Fraud Kill Chain, an FBI resource that can help recover large international wire transfers stolen from the U.S. if the bank acts quickly upon discovering the fraud.

As the eyes and ears of the community, frontline bank personnel often are in the best position to identify and report possible elder financial abuse... if they know what to look for. WBA has several free resources, including a training video and dementia-friendly webinar, available for members at www.wisbank.com/ElderAbuse.