Regulatory Alerts2021-02-09
Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults
The Federal Financial Institutions Examination Council issued guidance to clarify how federal privacy laws apply to the reporting of suspected financial abuse of older adults. The guidance instructs federal banking agencies to ensure that their examination procedures and supervisory actions do not penalize institutions for reporting such abuse in good faith. It emphasizes that privacy protections do not prohibit or discourage reporting and encourages coordination among regulators to support safe and effective reporting practices.
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