Consumer Protection: Interagency Statement on Elder Financial Exploitation

Summary

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration, and state financial regulators (collectively, the agencies), today issued a statement to provide institutions supervised by the agencies examples of risk management and other practices that can be effective in identifying, preventing, and responding to elder financial exploitation.

Highlights

The interagency statement discusses

• developing effective policies and practices to better protect account holders and the institution.
• training employees on recognizing and responding to elder financial exploitation.
• using transaction holds and disbursement delays.
• establishing a trusted contact designation process for account holders.
• filing suspicious activity reports involving suspected elder financial exploitation.
• reporting to law enforcement and other appropriate entities.
• providing financial records to appropriate authorities.
• engaging with elder fraud prevention and response networks.
• increasing awareness through consumer outreach.

Further Information

Please contact Eric Ellis, Director for Bank Secrecy Act/Anti-Money Laundering Policy, at (202) 649-5470.

Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy

Related Link

• Interagency Statement on Elder Financial Exploitation