WBK Industry News - Federal Regulatory Developments

CFPB Issues Advisory on Preventing Elder Abuse

On March 23, 2016 the CFPB issued an Advisory along with Recommendations and Report for Financial Institutions on Preventing Elder Financial Abuse.

The Advisory and Report provide recommendations on how to prevent, recognize, report, and respond to financial exploitation of older Americans. This is the first time a federal regulator has provided an extensive set of voluntary best practices to help institutions fight this problem. Recommendations for financial institutions to consider include: Training staff to recognize abuse; using fraud detection technologies; offering age-friendly services and: reporting suspicious activity to authorities.