Regulatory Alerts2024-12-04 | FIL-83-2024Interagency Statement on Elder Financial Exploitation (Revised June 2026)
The Federal Reserve, CFPB, FDIC, FinCEN, NCUA, OCC, and state regulators issued this revised statement to guide supervised financial institutions in identifying, preventing, and responding to elder financial exploitation. The guidance outlines actionable risk management practices, including enhanced employee training, transaction holds and disbursement delays, trusted contact designations, and specific Suspicious Activity Report (SAR) filing procedures. While not imposing new regulatory mandates or compliance standards, the statement clarifies how institutions can report suspected exploitation to law enforcement and adult protective services without violating existing privacy laws or incurring liability under the Senior Safe Act.
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