ABA Initiates Effort to Protect Seniors Against
Financial Fraud, Abuse
ABA’S COMMUNITY ENGAGEMENT FOUNDATION
is developing tools and resources to help bankers discuss
fraud prevention with their customers.
The program resources will range from event marketing
and communication guides to PowerPoint presentations,
similar to the Foundation’s youth financial literacy programs,
Teach Children to Save and Get Smart About Credit.
The Foundation is also engaging national stakeholders to
identify local organizations for banks to partner with in their
communities. Not only will these education efforts empower
seniors to protect their assets and identities, but they will also
secure the trust older customers and their families have in
their banks. These resources will be available in early 2016.
It is estimated that adults over 50 years of age hold two-thirds of bank deposits across the country, making this age
group a prime target for scammers. Senior fraud currently
accounts for $2.9 billion in losses each year—and could grow
as the population ages.
ABA recognizes that banks play a critical role in ensuring
the financial security of their older customers. Older Americans trust their banks because bankers are constantly looking
out for illegal or suspicious financial activity in their customers’ accounts by both known and unknown actors.
ABA has recently updated its Frontline Compliance train-
ing for bankers to be able to spot the signs of Elder Financial
Abuse. ABA is also surveying banks on how they serve older
customers through product offerings, product features, and
consumer education efforts.
To stay informed of ABA’s efforts in protecting older customers, visit aba.com/engagement and subscribe to the
Spirit of Banking.
Farm Banks Increased Agricultural Lending by
13. 6 Percent in 2014
FARM BANKS INCREASED AGRICULTURAL LENDING by 13. 6 percent in 2014 and held $94.6 billion in farm
loans at the end of the year, according to the ABA’s annual
Farm Bank Performance Report.
Asset quality continued to improve at the nation’s 2,036
farm banks as nonperforming loans declined to prereces-sion levels. (ABA defines farm banks as banks whose ratio of
domestic farm loans to total domestic loans is greater than or
equal to the industry average.)
“The agricultural economy may be faced with headwinds
in 2015, but farm banks are well positioned to continue
serving the needs of farmers and ranchers across the country,” says Brittany Dengler, ABA senior research manager,
economic policy and research. “Banks hold nearly half of all
farm loans and will remain an important source of ag credit.”
Dengler noted that the entire banking industry—not just
farm banks—provide farmers and ranchers with the credit
they need. At the end of 2014, banks held $161 billion in