CFPB Issues Warning on Elder Financial Abuse Reporting
Recently, the Consumer Financial Protection Bureau was the latest government agency to issue an advisory to financial institutions regarding the financial exploitation of older Americans. The update urges financial institutions to make a report whenever they suspect that an older adult is the target or victim of financial exploitation. This warning builds on prior reports that included recommended best practices to help prevent and respond to elder financial exploitation, such as (i) establishing protocols; (ii) training staff to detect the signs of possible financial exploitation and reporting suspicious events; and (iii) maintaining fraud detection systems. You can read our recent blog post on the Biz Law Blog on actions taken by the Securities and Exchange Commission (“SEC”) and Financial Industry Regulatory Authority (“FINRA”) to protect seniors.