Regulatory AlertsSR 24-8: Interagency Statement on Elder Financial Exploitation
The Board of Governors of the Federal Reserve System, along with five other federal agencies and state regulators, issued an interagency statement to raise awareness and provide strategies for combating elder financial exploitation. The guidance applies to all financial institutions supervised by the Federal Reserve and offers examples of effective risk management practices for identifying, preventing, and responding to such exploitation without imposing new regulatory requirements. Reserve Banks are directed to distribute this letter to supervised institutions, which may also submit questions via the Board's public website.
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SR 24-8 / CA 24-6: Interagency Statement on Elder Financial Exploitation
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551
DIVISION OF SUPERVISION AND REGULATION
DIVISION OF CONSUMER AND COMMUNITY AFFAIRS
SR 24-8 / CA 24-6
December 5, 2024
Revised June 2, 2026
Attachment Reposted June 2, 2026
On June 2, 2026: This letter's attachment, Interagency Statement on Elder Financial Exploitation , was revised to remove references to reputational risk.
TO THE OFFICER IN CHARGE OF SUPERVISION AT EACH FEDERAL RESERVE BANK
SUBJECT:
Interagency Statement on Elder Financial Exploitation
Applicability: This guidance is relevant for all financial institutions supervised by the Federal Reserve, including those with $10 billion or less in consolidated assets.
The Board of Governors of the Federal Reserve System (Board), Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, state financial regulators, and the Financial Crimes Enforcement Network (collectively, the agencies) issued a statement to financial institutions supervised by the agencies for the purpose of raising awareness and providing strategies for combatting elder financial exploitation. Elder financial exploitation is the illegal use of an older adult's funds or other resources for the benefit of an unauthorized recipient.
This statement does not interpret or establish a compliance standard, nor does it impose new regulatory requirements or establish new supervisory expectations. Instead, the statement provides examples of risk management and other practices that can be effective in identifying, preventing, and responding to elder financial exploitation. While this statement relates to elder financial exploitation, many of the risk management practices and principles discussed in the statement may be helpful in preventing fraud more broadly.
Reserve Banks are asked to distribute this letter to the supervised financial institutions in their districts and to appropriate supervisory staff. In addition, financial institutions may send questions via the Board's public website. 1
signed by Michael S. Gibson Director Division of Supervision and Regulation
signed by Eric S. Belsky Director Division of Consumer and Community Affairs
Attachments:
Interagency Statement on Elder Financial Exploitation
(PDF)
Notes:
See http://www.federalreserve.gov/apps/contactus/feedback.aspx . Return to text.
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Last Update: June 02, 2026