US: CFPB Issues Update to Advisory and Recommendations for Financial Institutions on Preventing and Responding to Financial Exploitation of Elderly

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. 

Request a Free Trial

As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.

Take a Trial