US: CFPB Issues Update to Advisory and Recommendations for Financial Institutions on Preventing and Responding to Financial Exploitation of Elderly

DATE PUBLISHED : THURSDAY, JULY 18TH 2019

On July 18, 2019, the Consumer Financial Protection Bureau (CFPB) published an update to the Reporting of Suspected Elder Financial Exploitation by Financial Institutions advisory. The CFPB issued the update to assist financial institutions in preventing and responding to elder financial abuse, reporting to the competent authorities when an older adult is the target or victim of financial exploitation and filing suspicious activity reports (SARs) if an elder financial exploitation (EFE) is suspected.

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