On July 18, 2019, the Consumer Financial Protection Bureau (CFPB) published an update to the Reporting of Suspected Elder Financial Exploitation by Financial Institutions advisory. The CFPB issued the update to assist financial institutions in preventing and responding to elder financial abuse, reporting to the competent authorities when an older adult is the target or victim of financial exploitation and filing suspicious activity reports (SARs) if an elder financial exploitation (EFE) is suspected.
The update focuses on Recommendation 4, which provides reporting of EFE by banks and credit unions to the appropriate authorities, as many financial institutions are still unsure of whether to report suspected financial exploitation due to privacy concerns.
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