Published on Thursday, August 1, 2019

CFPB Releases Updated Recommendations on Reporting Suspected Elder Financial Abuse

Banks and credit unions are uniquely positioned to detect that an older account holder has been targeted or victimized, and to take action. In March of 2016, the CFPB published an Advisory and Recommendations for financial institutions on preventing and responding to elder financial exploitation. The 2016 Advisory includes a spectrum of voluntary best practices to assist financial institutions in protecting their older account holders. 

In this 2019 updated advisory, the Bureau urges banks and credit unions to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of elder financial exploitation (EFE). The updated advisory focuses on reporting suspected financial abuse. It builds on the Bureau's earlier recommendations and its recent research on Suspicious Activity Reports (SARs) of EFE. It provides new information about reporting EFE based on federal and state law changes. The new analysis of current laws aims to help financial institutions in their effort to combat elder fraud. 

Read the full report. 

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Author: Smillie, Monica

Categories: Division News




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