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Feds Issue Guidance for Reporting Financial Abuse of Older Adults

October 29, 2013

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A group of federal regulatory bodies has issued a new set of guidelines to help curb financial exploitation of older adults by allowing financial institutions to voice concerns about suspected financial abuse. 

The agencies, including the Securities and Exchange Commission, the Federal Deposit Insurance Corporation and the Consumer Financial Protection Bureau, have clarified that the privacy language in a financial law known informally as Gramm-Leach-Bliley permit financial institutions to report suspected elder financial abuse to appropriate authorities. 
Older adults are often targeted because they have retirement savings, accumulated home equity and other assets, the Consumer Financial Protection Bureau says on its website. They also are more likely to experience cognitive difficulties creating a barrier to recognizing exploitation and scams. 
The new guidelines encourage financial institutions to spot questionable transactions or unusual account activity that could signal financial elder abuse. Previously, a bank teller, for example, might suspect fraudulent activity when a customer makes an unusually large withdrawal but likely kept quiet due to customer privacy concerns. The new guidelines hope to change that.

Join the ALFA LinkedIn Discussion linkedin

In June, ALFA and many other senior organizations took part in World Elder Abuse Awareness Day. While the event itself is great for creating public awareness, elder abuse is something we must always be vigilant about. It is one of (if not THE) most under-reported crimes in the country, and its signs are often difficult to detect, especially since the abusers are often relatives and friends. 

What are you and your organization doing to help kick elder abuse to the curb? How you helping protect your residents from scam artists looking to swindle vulnerable seniors?

Take part in our group discussion – Preventing, Recognizing, and Taking Action Against Elder Abuse.

 

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