OFFICIAL PUBLICATION OF THE PENNSYLVANIA ASSOCIATION OF COMMUNITY BANKERS

Pub 3 2021 Issue 1

PACB-Joins-PA-Department-of-Aging-Task-Force

PACB Joins PA Department of Aging Task Force to Address Financial Exploitation of Older Adults

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Hometown Banker Pub 3 2021 Issue 1

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Taking action to address the findings of its recently-released statewide study of financial exploitation of older adults, the Pennsylvania Department of Aging (PDA) has convened an interdisciplinary task force of state agencies, aging, legal, financial, law enforcement, and health care stakeholders, and subject matter experts to discuss the issue of financial exploitation and focus on a multi-disciplinary approach to its prevention.

The formation of a task force was one of the five recommendations of PDA’s Financial Exploitation Study when the study was released in September 2020.

The task force – of which PACB is a part – is scheduled to meet through April 2021 with the goal of better-coordinating efforts and supports for older adults to provide additional opportunities for the early detection and prevention of financial exploitation.

“Financial exploitation causes significant harm to older adults, and we know it is significantly underreported. The department felt it was imperative to bring together stakeholders who work closely with older adults and discuss how financial exploitation occurs and ways to prevent and stop it,” said Secretary of Aging Robert Torres, who is chairing the task force.

“I am pleased with the great feedback we received during the first meeting. Some members even made connections to work with one another outside of the task force. I look forward to seeing tangible results from these collaborations and the work of this task force to help protect vulnerable older adults.”

PDA conducted the financial exploitation study in response to Governor Wolf’s 2019 Executive Order on protecting vulnerable populations.

“Elder financial exploitation and fraud are all too common occurrences, exacerbated by this pandemic,” said Secretary of Banking and Securities Richard Vague, who is serving on the task force. “The work of the task force to coordinate and develop strategies around financial exploitation detection and prevention is more important than ever.”

PACB is proud to contribute its time and knowledge toward this important initiative.

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