CFPB Issues New Advisory for Reporting Elderly Exploitation

The Consumer Financial Protection Bureau (Bureau) issued an updated advisory this week to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation. The Bureau also recommended that financial institutions file Suspicious Activity Reports (SARs) with the federal government when they suspect elder financial exploitation (EFE).

Wednesday’s updated advisory builds on the Bureau’s earlier recommendations and its recent research on elder financial abuse. It contains voluntary best practices to help financial institutions prevent and respond to EFE.

source: www.CFPB.gov