A Great Big Country

Consumer problems are everywhere, but the issues differ dramatically across the United States: from lack of access to credit in the impoverished Mississippi Delta, to scammers in New York City, to rampant foreclosures in Phoenix, Las Vegas, and Tampa. Along with traveling the country to experience and understand issues in local communities, the Consumer Financial Protection Bureau broke down the immensity of serving 320 million Americans by focusing on specialty populations. This chapter describes this work: the bureau’s Office of Servicemember Affairs, which secured new protections for military personnel and their families; its Office of Students, which addressed student loan issues and improving choices about financing higher education; its Office for Older Americans, which sought to crack down on elder financial abuse and educate families dealing with late-life financial issues; and its Office of Financial Empowerment, which worked to reduce the shockingly high costs and risks of living in poverty.

ELDER FINANCIAL ABUSE IN FAMILIES: EXPANDING THEORY AND RESEARCH

Elder family financial exploitation (EFFE) is widespread and increasing. The effect is devastating, causing significant financial losses, reducing health and well-being of elders, and disrupting family systems. Research reveals that most (90%) perpetrators are family members or trusted others and researchers typically focus on identification of the problem, rather than understanding how and why exploitation occurs within the family unit. Furthermore, limited consensus exists regarding a theoretical understanding of the complexities of EFFE. Theory-driven, empirical explanations of how and why EFFE transpires are urgently needed to enhance and deepen intervention and prevention efforts. In this symposium, we extend both theory and research by using a common theoretical lens to present research findings from three distinct EFFE studies. The first paper reviews the current literature on EFFE and theory and introduces Bronfennbrenner’s bioecological Process-Person-Context-Time (PPCT) model as an under-utilized, but useful framework for understanding EFFE. The second paper reports on findings from in-depth interviews with non-perpetrator family members who experienced EFFE and will highlight complex intergenerational family systems processes in PPCT. The third paper highlights findings from a national study of substantiated and investigated cases of EFFE in which family member perpetrators were designated as surrogate decision makers. The fourth paper shares results from a qualitative study of family member POAs and how components of the PPCT model can be interpreted for use by helping professionals assisting families. We will also focus on the opportunities and challenges of developing theoretically sound EFFE research and the implications for improving practice and policy.