Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults

Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults

The Federal Financial Institutions Examination Council (FFIEC) has issued this guidance to clarify the application of federal privacy laws to the reporting of suspected financial abuse of older adults. This guidance is intended to assist federal banking agencies in ensuring that their examination procedures and supervisory actions do not penalize institutions for reporting such abuse in good faith.

The guidance emphasizes that federal privacy laws, including the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA), do not prohibit or discourage the reporting of suspected financial abuse of older adults. In fact, many of these laws contain provisions that permit or encourage such reporting. The guidance also notes that state laws may provide additional protections or requirements for reporting financial abuse.

The FFIEC encourages federal banking agencies to work with their counterparts in other jurisdictions to ensure that reporting institutions are not subject to conflicting requirements or penalties. The guidance also encourages institutions to establish policies and procedures for reporting suspected financial abuse of older adults, and to train their employees on these policies and procedures.

The FFIEC believes that this guidance will help to promote the safe and effective reporting of financial abuse of older adults, and to protect the privacy of consumers. The FFIEC welcomes comments on this guidance.

The FFIEC is composed of representatives from the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency.

The FFIEC is committed to promoting the safety and soundness of the financial system and to protecting the privacy of consumers. The FFIEC believes that this guidance is an important step in achieving these goals.

The FFIEC invites comments on this guidance. Comments should be submitted to the FFIEC at the address provided below. Comments will be posted on the FFIEC website and will be available for public inspection.

The FFIEC will consider all comments received in developing final guidance. The FFIEC reserves the right to modify this guidance based on the comments received.

The FFIEC is committed to transparency and public participation in the development of its guidance. The FFIEC believes that this guidance is an important step in promoting the safety and soundness of the financial system and protecting the privacy of consumers.

The FFIEC welcomes comments on this guidance. Comments should be submitted to the FFIEC at the address provided below. Comments will be posted on the FFIEC website and will be available for public inspection.

The FFIEC will consider all comments received in developing final guidance. The FFIEC reserves the right to modify this guidance based on the comments received.

The FFIEC is committed to transparency and public participation in the development of its guidance. The FFIEC believes that this guidance is an important step in promoting the safety and soundness of the financial system and protecting the privacy of consumers.