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Interagency Guidance Clarifies Reporting on Elder Financial Abuse

Posted on 10/2/2013

Federal financial regulators have issued joint guidance on financial institutions' options when they suspect elder financial abuse. "Today's guidance clarifies that it is generally acceptable under the law for financial institutions to report suspected elder financial abuse to appropriate local, state, or federal agencies," said the Federal Reserve.

Under the Gramm-Leach-Bliley Act, financial institutions are required to notify and allow customers to opt out before releasing personal information to third parties. The agencies determined that reporting suspected elder abuse would not violate these provisions of the law. "Specific privacy provisions of the GLBA and its implementing regulations permit the sharing of this type of information under appropriate circumstances without complying with notice and opt-out requirements," the guidance said.

The guidance offers examples and potential signs of elder financial abuse. Employees "can play a key role in preventing and detecting elder financial exploitation by reporting suspicious activities to the proper authorities," the Fed said.

To read the guidance visit: www.federalreserve.gov/newsevents/press/bcreg/bcreg20130924a2.pdf



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