A New Champion In the Fight Against Elder Financial Abuse

Gary Dunn gives a hoot about protecting elders from financial abuse and he’s not afraid to say so.

Dunn, vice president of Fremont Investment and Loan, has committed significant resources to the Elder Financial Protection Network’s (EFPN) financial abuse prevention programs.

“I elected to get involved because I believe in what EFPN is trying to do and because they need financial support,” explained Dunn who recently accepted a position as a EFPN board member – one of six boards he currently serves on.

EFPN is an award-winning non-profit organization that provides elder financial abuse prevention training for financial institutions and community education programs for seniors. Founded in Marin County in 2000, EFPN works to bring the private and public sectors together in an effort to prevent financial abuse through awareness and education.

Today, over 30 financial institutions – banks, credit unions and banking regulatory agencies, such as the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the California Department of Financial Institutions – are community partners, along with numerous senior service providers, including Adult Protective Services, Public Guardian, San Francisco Institute on Aging, Elders Abuse Prevention Task Forces and Division on Aging.

Dunn sees unexpected rewards from his commitment

Eager to be part of the growing partnership, this gregarious 52 year-old did not want to wait for EFPN to finalize “Be Wise: Preventing Elder Financial Abuse, its multi-award winning video training program, before jumping on its bandwagon.

“Since the first of the year, our bank has donated $50,000,” he said. “Here at Fremont Investment and Loan, we walk our talk and we’re not afraid to write a check for the right causes.” When asked to define what he felt about EFPN’s efforts to prevent and detect financial abuse of elders, he said, “it’s a great group of people with an important mission.”

Not only has Dunn seen to it that his financial institution contribute to the completion of the video training program, he also insisted that all 17 branch managers use the ‘Be Wise’ program to train their employees how to recognize and report suspected elder financial abuse.

“This training is also now part of the new hire package and every employee will receive annual training so that it is fresh in their minds.”

With such information readily at hand, Fremont Investment and Loan is prepared to better serve its senior population. To date 70% of their customers are over the age of 60, and that number is growing.

As seniors learn from friends who are Fremont’s customers about the bank’s willingness to look after their best financial interests, they are bringing their business to Fremont Investment and Loan.

“This is a benefit we didn’t count on,” noted Dunn who has never regretted taking a stand to address the escalation of this often silent crime.

Elder financial abuse called ‘the crime of the century’

According to the California State Department of Social Services & National Aging Resource Center on Elder Abuse, over 100,000 cases of financial abuse occur every year in California. And these numbers are on the rise.

Former Yolo County Deputy District Attorney Suzanna Mak reported, “Our senior population is expected to grow 170% in the next 40 years and rates of growth for dependent adults is increasing.” The field is getting bigger and, she advised, it’s inevitable that there will be a growth in financial abuse crimes. “The wave is coming.”

While some experts say that elder financial abuse will be ‘the crime of the century’ as the population ages and criminals target the wealth and assets of seniors, most cases go unreported because of the victims’ shame, dependency on the perpetrator or fear of losing their independence and being placed in a nursing home.

"Financial abuse is a devastating crime that can result in the loss of an elder’s entire life savings, their ability to live independently, and even death from neglect, depression and heartbreak", said EFPN Executive Director, Jenefer Duane. "Older Americans deserve protection from financial predators and others who seek to exploit them."

CRA credit offers an additional incentive for banks to get involved

Because the crime involves money, financial institutions are the front line, so, according to Dunn, “it’s a natural fit” for him to roll up his sleeves and get involved. Dunn, who also serves as a Community Reinvestment Act (CRA) officer, hopes that other financial institutions will see the value of supporting organizations like EFPN.

“CRA is a federal regulation that requires banks to give back to the communities they serve,” he said.

His own service area includes 21 California counties – including all of Los Angeles County.

Banks are required to put money back into their neighborhoods to help the low- to moderate-income or populations identified by regulators as people in need.

For Dunn, that means seniors. “I know that our bank would be involved with helping to prevent financial abuse of elders even if we didn’t have CRA.”

Elder financial abuse hits home for Dunn

“After learning from EFPN about financial abuse of elders, I went to visit my godfather in Arizona this summer. His neighbor, who was having coffee with us while I talked about what I had learned, began to ask questions.”

Apparently, she felt that one of her children was inappropriately taking money from her for “business investments.”

“I told her what to do and a few days later my godfather called to tell me he had, at her request, called the appropriate adult protective services agency.”

The agency investigated her situation and contacted her financial institution.

“They found that the adult child was indeed taking advantage of her.”

Dunn challenges his colleagues to join the partnership

Articulate and strongly opinionated about the role banks must play in prevention and detection, Dunn has challenged financial institutions of all sizes to put their money where they say their mouths are.

“Come on and write that check for more than $10,000. Fremont checks of $25,000 or $50,000 are like a billion dollars for our assets-size.”

Dunn, who has managed to stay committed to EFPN and other like-minded community oriented organizations during recent cancer surgeries, can’t say enough about how EFPN has provided a opportunity for him to respond to the needs of the seniors in his community.

In many ways, he said, it has kept him alive.

For more information about EFPN, call 415.956.5556.