Protecting Residents from Financial Exploitation

Mary Madison, RN, RAC-CT, CDP
Clinical Consultant – Briggs Healthcare

The Consumer Financial Protection Bureau (CFPB) has provided a great resource for AL and LTC managers and staff: Protecting residents from Financial Exploitation – A Manual for Assisted Living and Nursing Facilities.

“The Consumer Financial Protection Bureau, or the CFPB, is focused on making markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products. We empower consumers to take more control over their financial lives.

The CFPB Office for Older Americans is the only federal office dedicated to the financial health of Americans age 62 and over. Along with other agencies, the Office works to support sound financial decision-making by consumers to help them reach their own life goals, and to prevent financial exploitation of older adults.”

This 44-page guide was designed to help assisted living and nursing facility managers and staff prevent and address elder financial exploitation of their residents.  The Office for Older Americans contracted and worked closely with Iris Freeman, MSW, William Mitchell College of Law, to prepare this guide. The guide is not intended to provide legal advice or serve as a substitute for your own legal counsel. If you have questions or concerns about legal issues and responsibilities, we recommend that you seek the guidance of the appropriate legal professional.

The above are 2 excerpts from the guide.  Every AL and LTC facility will want to access, review and train staff on financial exploitation.  Use this guide as a great starting point.