Regulatory Alerts2013-09-24
Added · Updated
Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults
The Federal Reserve issued this interagency guidance to clarify that reporting suspected financial exploitation of older adults to law enforcement or social service agencies generally does not violate the Gramm-Leach-Bliley Act's privacy provisions. The document informs financial institutions and their employees about specific GLBA exceptions that permit sharing nonpublic personal information with appropriate authorities to prevent and detect elder financial abuse. This guidance does not impose additional compliance or examination requirements but serves to equip staff with information on recognizing signs of exploitation and legally permissible reporting channels.
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