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CFPB Updates Advisory on Elder Financial Exploitation

The CFPB updated its advisory and recommendations for reporting elder financial exploitation.

Specifically, the CFPB asked banks and credit unions to:

  • report all cases of suspected elder financial exploitation to the relevant federal, state and local authorities; and
  • expedite response times for government entities' investigations.

Primary Sources

  1. CFPB Research and Reports: Reporting of Suspected Elder Financial Exploitation by Financial Institutions - Update to 2016 Advisory and Recommendations
  2. CFPB Report: Reporting of Suspected Elder Financial Exploitation by Financial Institutions

Tags

Regulated Activities
Suitability and Consumer Protection
Sub-Activity
Seniors
Regulated Entities
Banking Entities
Body of Law
Banking Law
Jurisdiction
US - Federal
Organization
US Banking Regulators
Sub-Author
CFPB