Government that Works: A Collaborative Approach to Preventing Elder Financial Abuse

1. Government that Works: A Collaborative Approach to Preventing Elder Financial Abuse Brian LaFormeDeputy Secretary for Financial Services for Consumers and Business Christina KotsalosDirector, Investor Education and Consumer Outreach Office May 10, 2016

2. Preventing Elder Financial Abuse Elder Investment Fraud and Financial Exploitation Prevention Program (EIFFE)

3. Preventing Elder Financial Abuse EIFFE Medical Program • Developed in 2008 by the Investor Protection Trust (IPT), Huffington Center on Aging at Baylor College of Medicine (BCM), and the Texas Consortium Geriatric Education Center (TCGEC) • TCGEC and its affiliates conducted a series of 10 pilot Continuing Medical Education (CME) programs throughout Texas • BCM developed the Clinician’s Pocket Guide and Patient Brochure • IPT expanded the program with the participation of securities regulators in 30 states/jurisdictions • To date, CME events have been held in 28 states and jurisdictions as well as events at national and regional conferences, providing face to face EIFEE Prevention Program training to approximately 8,600 medical professionals.

4. Preventing Elder Financial Abuse EIFFE Prevention Program • Using Continuing Medical Education (CME) and Continuing Legal Education (CLE) courses to educate medical and legal professionals who regularly see older people in their practices. • Outcomes include professionals’ ability to identify: • Their clients’ vulnerability to investment fraud due to mild cognitive impairment and other risk factors • Red flags for EIFFE • Use of referral routes for further medical screening • Ways to report suspected fraud

5. Preventing Elder Financial Abuse IPT/EIFFE Survey of Medical Professionals • IPT surveyed medical professionals in 2010 and 2016 • Efforts to involve doctors in identifying and reporting signs of elder financial abuse appear to be working: • The number of adult children in touch with their parents’ doctors about their parents’ ability to handle money increased from 5% in 2010 to 21% in 2016. • Of that same group, 27% in 2016 (19% in 2010) report the health care provider has mentioned “concerns about your parents' mental comprehension.”

6. Preventing Elder Financial Abuse EIFFE Legal Pilot Program • Funded by the Investor Protection Trust and the Investor Protection Institute • In collaboration with the American Bar Association Commission on Law and Aging • Developing a model, national CLE program for lawyers on recognizing and responding to EIFFE • Piloting in six states: Iowa, Maine, Missouri, New Mexico, Oklahoma. and Pennsylvania • Expanding nationally after the pilot program

7. Preventing Elder Financial Abuse Why Educate Lawyers? Source: IPT/IPI/ABA July 2014 Survey of Lawyers—Investment Fraud and Financial Exploitation of Older Americans: What Do Lawyers Know and How Can They Help? www.investorprotection.org/downloads/IPT-IPI-ABA_EIFFE_Legal_Survey_ Report_07-29-14.pdf

8. Preventing Elder Financial Abuse Why Educate Lawyers? Source: IPT/IPI/ABA July 2014 Survey of Lawyers—Investment Fraud and Financial Exploitation of Older Americans: What Do Lawyers Know and How Can They Help? www.investorprotection.org/downloads/IPT-IPI-ABA_EIFFE_Legal_Survey_ Report_07-29-14.pdf

9. Preventing Elder Financial Abuse EIFFE Legal Pilot Program • Pilot programs have taken place in Maine, New Mexico and Oklahoma. Iowa’s CLE event is scheduled for June 15, 2016 • ABA and state securities regulators have worked together to locate venues and select speakers • Each CLE event includes a packet of material that includes core content as well as state-specific information (cases, statues, etc.) • Each CLE event includes a state-specific slide show

10. Preventing Elder Financial Abuse Pennsylvania Legal Program Status • Veryactive Advisory Committee • Currently looking for a good event opportunity • Draft presentation under review by Advisory Committee • Pennsylvania specific materials

11. Preventing Elder Financial Abuse Senior$afeBroker-Dealers and Investment Advisers

12. Preventing Elder Financial Abuse Senior$afe • Securities firms can play a key role in stopping elder financial abuse • Regular customer contact puts investment/brokerage and services firms in a unique position to detect behavior changes and to assist in protecting customers. • Proactive measures help to promote goodwill within the communities where institutions have footprints. • Protect assets, prevent losses, and safeguard customer information.

13. Preventing Elder Financial Abuse Senior$afe Why Report?

14. Preventing Elder Financial Abuse Senior$afe Why Report?

15. Preventing Elder Financial Abuse Senior$afe How to Report

16. Preventing Elder Financial Abuse Senior$afe How to Report

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18. Preventing Elder Financial Abuse Senior$afe

19. Preventing Elder Financial Abuse Senior$afe

20. Preventing Elder Financial Abuse Senior$afe Build Partnerships!

21. Preventing Elder Financial Abuse How Does DoBS Protect Seniors?

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23. Preventing Elder Financial Abuse

24. Preventing Elder Financial Abuse Publications and Outreach

25. Preventing Elder Financial Abuse Social Media

26. Thank You!

27. Preventing Elder Financial Abuse PA Department of Banking and Securities 17 North 2nd Street Suite 1300 Harrisburg, PA 17101 1-800-PA-BANKS www.dobs.pa.gov

28. Government that Works: A Collaborative Approach to Preventing Elder Financial Abuse Brian LaFormeDeputy Secretary for Financial Services for Consumers and Business Christina KotsalosDirector, Investor Education and Consumer Outreach Office May 10, 2016