Federal Regulators Issue Joint Guidance on Reporting the Financial Abuse of Older Adults (with Lofchie Comment)
Seven federal regulatory agencies, including the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the FDIC, the Federal Trade Commission, the National Credit Union Administration, the Office of Comptroller of the Currency, and the SEC, issued guidance to clarify that the privacy provisions of the Gramm-Leach-Bliley Act generally permit financial institutions to report suspected financial abuse of the elderly (which is defined to include "the illegal or or improper use of an older adult's funds, property or assets") to appropriate authorities.
Lofchie Comment:Firms may want to consider amending their Reg. S-P manuals to incorporate this guidance, as well as reviewing their sales training programs to take account of the guidance.