May 30, 2013
Senior financial abuse is a problem that does, or will, affect all of us. We may be the victim, the victim could be a relative or a friend, or we could simply just feel the effect, through higher taxes or fees at financial institutions, of the billions of dollars lost to senior financial abuse every year. Dodd–Frank recognizes that problem, but the solutions it offers, while useful, are too small to stop or even retard the growth of a problem of this magnitude. We need to do more; we need to transform the relationship between financial service providers and their customers from wary antagonism to trusted, well-trained protectors and guardians. The three reforms suggested above should contribute significantly to bring that about—and they also enlist the medical profession, a set of trained eyes, to help see signs of trouble. It does not matter from where these reforms emanate. They could come from the federal governments, the states, or even perhaps the codes of conduct of professional organizations, but they should be enacted.
University of Cincinnati Law Review: Vol. 81: Iss. 2, Article 5.
Read Dodd-Frank’s Protections for Senior Citizens: An Important, Yet Insufficient Step.