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Elder Financial Exploitation (CRS Report for Congress)

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Release Date Nov. 22, 2024
Report Number IN12462
Report Type Insight
Authors Karl E. Schneider
Source Agency Congressional Research Service
Summary:

Elder financial exploitation (EFE), as defined by the Financial Crimes Enforcement Network (FinCEN), is “the illegal or improper use of an older adult’s funds, property, or assets.” EFE can deprive seniors of much-needed resources for retirement and research has linked EFE to additional health problems. Trends in FinCEN data reveal that EFE is growing in terms of total reported instances and as a share of overall reports. Legislation introduced in the 118th Congress aims to introduce new regulation, provide grants for states to respond to EFE, and establish new offices focused on EFE or modify existing authorities.