The Consumer Financial Protection Bureau (CFPB) last week issued an updated advisory on best practices for financial institutions when suspecting elder financial exploitation.
The CFPB’s recommendations, first issued in 2016, provided six categories of “voluntary best practices” to assist financial institutions to prevent elder financial abuse.
These best practices “include:
The update focused on “The reporting of suspected elder financial abuse to appropriate local, state or federal first responders.”
The CFPB also recommended that financial institutions file Suspicious Activity Reports (SARs) with the federal government when they suspect elder financial exploitation (EFE).
As of April 2019, 26 states plus the District of Columbia mandate reporting of suspected EFE by financial institutions or specified financial professionals.