Title: Supporting the protection of elders through financial literacy.
Policy area: Finance and Financial Sector

Summary:
This resolution supports the goals of Financial Literacy Month. Specifically, the resolution expresses the understanding that continued education and cooperation among law enforcement, financial institutions, regulatory agencies, and private sector organizations are necessary to combat elder financial exploitation. Additionally, the resolution expresses support for work performed by the Financial Crimes Enforcement Network and its partners to educate those that protect the elder community.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 328 Introduced in House (IH)]

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116th CONGRESS
  1st Session
H. RES. 328

    Supporting the protection of elders through financial literacy.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 25, 2019

Mr. Casten of Illinois (for himself and Mr. John W. Rose of Tennessee) 
submitted the following resolution; which was referred to the Committee 
                         on Financial Services

_______________________________________________________________________

                               RESOLUTION


 
    Supporting the protection of elders through financial literacy.

Whereas in the context of the financial exploitation of the elderly, 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 monetary or personal benefit, profit, or gain, or that results in 
        depriving an elder of rightful access to, or use of, benefits, 
        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 turning 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 annual loss by victims of 
        financial abuse is estimated to be at least $36.5 billion.'';
Whereas older adults are targeted for Elder Financial Exploitation through 
        schemes such as fraud by trusted family, caregivers, and fiduciaries, 
        and through scams by strangers often committed by international criminal 
        networks;
Whereas common schemes by fraudsters and scammers include, lottery and 
        sweepstakes scams, telemarketing scams, home-repair scams, computer-
        repair scams, investment 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 maintaining 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 protect 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 agencies, 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, collecting suspicious activity report (SAR) 
        information and sharing, as necessary, its data, analysis, and guidance 
        with appropriate public- and private-sector partners focused on 
        detecting and ending Elder Financial Exploitation;
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 Bureau, 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 Exploitation, 
        building on a 2011 Advisory that identified red flags for detection; and
Whereas despite the broad efforts by law enforcement, regulatory agencies, 
        financial institutions, and private sector organizations to educate and 
        share information, Elder Financial Exploitation persists as a multi-
        billion dollar industry, 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 education 
                in the United States; and
                    (B) the serious consequences that may result from a 
                lack of understanding about personal finances;
            (2) acknowledges that raising awareness of threats to 
        personal finances, especially for vulnerable, targeted 
        populations like older adults and their relatives and 
        caregivers, is only one party of financial literacy;
            (3) understands that to combat Elder Financial 
        Exploitation, it is also necessary to encourage continued 
        education and collaboration among law enforcement, financial 
        institutions, regulatory agencies, and private sector 
        organizations allowing detection, prevention, reporting, 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, report, and 
        investigate Elder Financial Exploitation; and
            (6) urges action to assist with remediation and reporting, 
        as well as prevention and detection to have best possible data, 
        feedback, and incident response.
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