AARP and the American Bankers Association’s Community Engagement Foundation announced their intention to work together to protect the financial security of older Americans through a planned Commitment to Action through the Clinton Global Initiative (CGI).<\/p>\n
They anticipate a two-year pledge, as announced in June that will focus on protecting older Americans from financial abuse and exploitation, according to AARP.<\/p>\n
The group said a recent study determined that older adults lose $2.9 billion each year to fraud.<\/p>\n
“America’s aging population will transform the way banks provide financial services to their customers,” said Frank Keating, ABA president and CEO. “Our planned alliance with AARP will help us provide bankers, older Americans, and their caregivers, with the tools they need to thwart financial crimes.”<\/p>\n
“Banks play a critical role in protecting the financial security of older Americans and their families,” said Debra Whitman, AARP executive vice president for policy, strategy and international affairs. “AARP hopes to work with the American Bankers Association to help banks to become more attuned to the needs of their customers as they age.”
\nAs part of the expected commitment, AARP and ABA will conduct research on fraud, financial caregiving and age-friendly banking; create resources for bankers to discuss prevention of fraud against older Americans; help banks make branches age-friendly; and mobilize bankers in communities across the country to educate older Americans and their caregivers about ways to protect their assets during retirement.<\/p>\n
“AARP and ABA’s proposed collaboration for age-friendly banking complements AARP’s Fraud Watch Network’s efforts to help people spot and avoid scams, AARP’s initiatives on caregiving, AARP Foundation’s ElderWatch and ABA’s youth financial education campaigns,” said Corey Carlisle, senior vice president, bank community engagement.<\/p>\n
Officials said the first year of the commitment is expected to focus on gathering information, including surveys and collection of information on existing practices, and the development of new materials to help educate banks and consumers.<\/p>\n
During the second year, AARP and ABA envision a nationwide campaign with the goal of reaching 1 million older Americans and their financial caregivers.<\/p>\n
The Clinton Global Initiative was established in 2005 by President Bill Clinton. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States.<\/p>\n
AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 million. The American Bankers Association is the voice of the nation’s $14 trillion banking industry, composed of small, regional and large banks that together employ more than 2 million people, safeguard $11 trillion in deposits and extend nearly $8 trillion in loans.<\/p>\n","protected":false},"excerpt":{"rendered":"
AARP and the American Bankers Association’s Community Engagement Foundation announced their intention to work together to protect the financial security of older Americans through a planned Commitment to Action through the Clinton Global Initiative (CGI). They anticipate a two-year pledge,…<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7],"tags":[66],"yoast_head":"\r\n