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Can Data Sharing Help Financial Institutions Improve the Financial Health of Older Americans?

Author

Listed:
  • Santucci, Larry

    (Federal Reserve Bank of Philadelphia)

Abstract

This paper explores how increased data sharing among financial institutions could improve the financial outcomes of older adults suffering from cognitive impairment. Among the first signs of cognitive impairment in older adults is a decline in financial capacity, which is also a risk factor for abuse or exploitation. Banks and other financial institutions are at the front lines to monitor and detect changes in financial capacity and susceptibility to fraud and abuse. However, industry experts have found that, in many cases, no mechanism exists for financial service providers to communicate signs of cognitive impairment, abuse, or fraud to family, financial caregivers, or other financial institutions. Creating a regulatory environment whereby financial institutions can more easily share data among themselves could be an important component of a more comprehensive strategy to bridge the communication gap and reduce the frequency and severity of financial losses for older adults.

Suggested Citation

  • Santucci, Larry, 2017. "Can Data Sharing Help Financial Institutions Improve the Financial Health of Older Americans?," Consumer Finance Institute discussion papers 17-1, Federal Reserve Bank of Philadelphia.
  • Handle: RePEc:fip:fedpdp:17-01
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    File URL: https://philadelphiafed.org/-/media/consumer-finance-institute/payment-cards-center/publications/discussion-papers/2017/dp17-01.pdf?la=en
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    More about this item

    Keywords

    elder fraud; financial exploitation; Gramm-Leach-Bliley Act; data privacy;

    JEL classification:

    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination

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