Regulatory Alerts2024-12-04
Interagency Statement on Elder Financial Exploitation
The Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, Office of the Comptroller of the Currency, and state financial regulators issued this statement to provide supervised institutions with examples of risk management practices to identify, prevent, and respond to elder financial exploitation. The document outlines specific strategies including enhanced governance, employee training on red flags, the use of transaction holds and trusted contacts, and the filing of Suspicious Activity Reports. It further advises institutions on reporting suspected exploitation to law enforcement and adult protective services while ensuring compliance with privacy laws and avoiding age discrimination.