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Abstract: 

Elder financial exploitation—generally defined as the illegal or improper use of an elder’s funds, property, or assets—has resulted in billions of dollars of losses annually to Americans aged 62 and older. Given the scope of this problem, multiple federal agencies, including the Consumer Financial Protection Bureau and Federal Deposit Insurance Corporation, have recently taken steps to encourage financial institutions to prevent, detect, and report elder financial exploitation. Additionally, state laws govern when a financial institution or its employees are required or permitted to report suspected elder financial exploitation. The interplay between these state law requirements and related requirements under federal law presents a significant compliance challenge for financial institutions. This article summarizes applicable federal and state laws, federal agency guidance, and compliance steps for financial institutions to consider.

Keywords: CFBP Office of Older Americans; CFPB enforcement jurisdiction; FIN-2011-A003; Community Reinvestment Act credit; state law compliance

Affiliations:  1: Paul Hastings; 2: Paul Hastings; 3: Paul Hastings.