H. Res. 328 
In the House of Representatives, U. S., 
April 30, 2019. 
Whereas in the context of the financial exploitation of the el-
derly, Federal statute defines ‘‘exploitation’’ as ‘‘the 
fraudulent or otherwise illegal, unauthorized, or improper 
act or process of an individual, including a caregiver or 
fiduciary, that uses the resources of an elder for mone-
tary or personal benefit, profit, or gain, or that results 
in depriving an elder of rightful access to, or use of, ben-
efits, resources, belongings, or assets’’ (42 U.S.C. 
1397j(8)) (‘‘Elder Financial Exploitation’’); 
Whereas the National Adult Protective Services Association 
has stated, ‘‘Elder abuse is vastly under-reported; only 
one in 44 cases of financial abuse is ever reported’’; 
Whereas Elder Financial Exploitation is expected to increase 
in the upcoming years as 10,000 baby boomers are turn-
ing 65 each day; 
Whereas estimates by the Investor Protection Trust suggest 
that as many as one of five citizens over the age of 65 
are victims of the theft of money, property, identity or 
belongings; 
Whereas according to the National Center on Aging, ‘‘Up to 
5 million older Americans are abused every year, and the
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annual loss by victims of financial abuse is estimated to 
be at least $36.5 billion.’’; 
Whereas older adults are targeted for Elder Financial Exploi-
tation through schemes such as fraud by trusted family, 
caregivers, and fiduciaries, and through scams by strang-
ers often committed by international criminal networks; 
Whereas common schemes by fraudsters and scammers in-
clude, lottery and sweepstakes scams, telemarketing 
scams, home-repair scams, computer-repair scams, invest-
ment scams, internet phishing scams, abuse of fiduciary 
authority, and identity theft; 
Whereas Financial Literacy Month aims to highlight for all 
Americans the importance of establishing and maintain-
ing healthy financial habits; 
Whereas education about healthy financial habits includes the 
protection of one’s finances from financial exploitation, 
especially for older adults who are vulnerable to targeted 
frauds and scams; 
Whereas to combat this serious financial concern and to pro-
tect the elder community, this education must also extend 
to financial institutions, law enforcement, and regulatory 
agencies so they may work together to understand and 
detect these frauds and scams; 
Whereas these partnerships include not only Federal agen-
cies, but also State, local, and Tribal authorities such as 
law enforcement and adult protective services agencies; 
Whereas 
the 
Financial 
Crimes 
Enforcement 
Network 
(FinCEN) is vital to the pursuit of these bad actors, col-
lecting suspicious activity report (SAR) information and 
sharing, as necessary, its data, analysis, and guidance 
with appropriate public- and private-sector partners fo-
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cused on detecting and ending Elder Financial Exploi-
tation; 
Whereas FinCEN, working with Federal consumer and law 
enforcement partners engages with financial institutions 
and State and local authorities to educate on the signs 
of Elder Financial Exploitation; 
Whereas FinCEN, the Consumer Financial Protection Bu-
reau, and the Department of Justice issued in 2017 a 
joint memorandum to provide information on the use of 
SARs in the investigation of Elder Financial Exploi-
tation, building on a 2011 Advisory that identified red 
flags for detection; and 
Whereas despite the broad efforts by law enforcement, regu-
latory agencies, financial institutions, and private sector 
organizations to educate and share information, Elder Fi-
nancial Exploitation persists as a multi-billion dollar in-
dustry, more can be done: Now, therefore, be it 
Resolved, That the House of Representatives— 
(1) supports the goals of Financial Literacy Month 
to raise public awareness about— 
(A) the importance of personal financial edu-
cation in the United States; and 
(B) the serious consequences that may result 
from a lack of understanding about personal fi-
nances; 
(2) acknowledges that raising awareness of threats 
to personal finances, especially for vulnerable, targeted
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populations like older adults and their relatives and care-
givers, is only one party of financial literacy; 
(3) understands that to combat Elder Financial Ex-
ploitation, it is also necessary to encourage continued 
education and collaboration among law enforcement, fi-
nancial institutions, regulatory agencies, and private sec-
tor organizations allowing detection, prevention, report-
ing, and investigation of these crimes; 
(4) supports work being done by FinCEN and its 
partners to educate the stakeholders which serve and 
protect America’s elder community; 
(5) urges continued public-private partnership and 
appropriate information sharing to prevent, detect, re-
port, and investigate Elder Financial Exploitation; and 
(6) urges action to assist with remediation and re-
porting, as well as prevention and detection to have best 
possible data, feedback, and incident response. 
Attest: 
Clerk.