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CFPB cites role of OBA, banks in helping to prevent elder fraud

A report released last week by the Consumer Financial Protection Bureau noted your Oklahoma Bankers Association has helped lead the way in a collaborative effort to prevent elder fraud. In doing so, the report also recognized the important role banks play in protecting seniors from financial fraud.  

The OBA's Elaine Dodd has pioneered the development of coordinated local efforts to prevent, detect and respond to elder financial abuse. One such local group – the Metro Area Fraud Investigators Association or MAFIA – is very active here in Oklahoma City and other areas of the state.

According to the report, the most common form of elder abuse is financial exploitation. It also noted only a small fraction of these kinds of incidents are reported. Estimated losses from elder financial abuse range from $2.9 billion to $36.5 billion each year.


Time magazine: Nearly two-thirds of Americans cannnot pass basic test of financial literacy

Time magazine recently reported on a study that showed that nearly two-thirds of Americans can't calculate interest payments correctly and a third said they didn't even know how.

The study, released earlier this month, showed only 42 percent of Americans could pass a basic financial literacy test, which would include questions such as calculating interest.

The study was done by the FINRA Foundation, which surveyed more than 27,000 Americans last year. FINRA is an organization that regulates brokers and Wall Street.

To read the entire Time magazine article, click here.


OBA president to Congress: Over-regulation harms small banks, communities

WASHINGTON, D.C. — Excessive regulation is making it more difficult for the nation's community banks to aid their customers, particularly in small, rural communities, according to testimony on Thursday from the Oklahoma Bankers Association's president and CEO to the U.S. House Small Business Subcommittee on Economic Growth, Tax and Capital Access.

OBA President and CEO Roger Beverage told the subcommittee a community bank is much more than simply a bank to residents of small and rural communities and the excessive regulations currently being placed on the industry, particularly from the Dodd-Frank Act, are forcing these community banks to merge with larger ones or simple shutter their doors.