The FDIC’s launch yesterday, of the new financial resource tool, “Money Smart for Older Adults” is the latest in a series of Money Smart publications intended to provide valuable consumer protection information for all Americans – especially those who may be particularly vulnerable to exploitation, such as younger adults, older adults, and those new to the management of a small business.
The Federal Deposit Insurance Corporation (FDIC) – an independent agency created by Congress in the Banking Act of 1933 – provides deposit insurance, supervises the reliability of financial institutions, manages failed banks in receivership, and has traditionally provided certain consumer protection programs.
The Consumer Financial Protection Bureau (CFPB) was formed in July of 2011, in order to consolidate aspects of consumer protection from a number of federal agencies. According to the U.S. Treasury Department, the CFPB is charged to “promote fairness and transparency for mortgages, credit cards, and other financial products and services.”
The Director of the CFPB, Richard Cordray, is also a member of the Board of Directors of the FDIC. The Chairman of the Board is Martin J. Gruenberg — formerly having served as Acting Chairman and prior to that as Vice-Chairman. The current Vice-Chairman is Thomas M. Hoenig, and the other three members of the FDIC Board are Jeremiah O. Norton as Director; Thomas J. Curry (as Director of the Office of the Comptroller of the Currency); and Richard Cordray (as Director of the Consumer Financial Protection Bureau (CFPB).
Richard Cordray previously was at the helm of the Bureau’s Enforcement Division, and prior to his joining the Bureau, served as Ohio’s Attorney General; Ohio’s Treasurer; and prior to that as a member of the Ohio House of Representatives. Mr. Cordray was an adjunct professor, early in his career, at Ohio State University College of Law.
Mr. Cordray notes that this particular ‘Money Smart for Older Adults’ program will educate and empower elders to avoid being victimized; and will “provide excellent new resources to the caretaker generation of people like myself, to be better able to protect an elderly parent against such abuses.”
The newest addition to the FDIC’s Money Smart financial curriculum family, this stand-alone training module developed by both agencies provides information to raise awareness among older adults (age 62 and older) and their caregivers on how to prevent, identify and respond to elder financial exploitation, plan for a secure financial future, and make informed financial decisions.
The instructor-led module offers practical information that can be implemented immediately.
Money Smart for Older Adults is designed to be delivered to older adults and their caregivers by representative of financial institutions, adult protective service agencies, senior advocacy organizations, law enforcement, and others that serve this population.
Consisting of both a scripted instructor guide, and a participant/resource guide, power point slides are also available, free of charge, in a downloadable format on the FDIC website.
Organizations that provide technical assistance using the Money Smart for Older Adults program in support of elders and their caregivers may also be eligible to join the FDIC’s Money Smart Alliance.
The participant/resource guide for Smart Money for Older Adults is also available in hard copy.
A money quiz for teens is also available, to see what you may or may not know about money management.