Compliance With State and Federal Law for Financial Institutions Serving Older Americans Elder Financial Exploitation
Author: Kevin L. Petrasic.; Gerald S. Sachs.; Amanda M. Kowalski.
Source: Volume 18, Number 02, July/August 2015 , pp.19-22(4)
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Abstract:
Given the scope of elder financial exploitation, 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. This article summarizes applicable federal and state laws, federal agency guidance, and compliance steps for financial institutions to consider.Keywords: risk management; compliance programs; signs and symptoms of financial or material exploitation; Dodd-Frank Act; Financial Crimes Enforcement Network; industry-imposed guidelines; reporting requirements; Gramm-Leach-Bliley Act
Affiliations:
1: Paul Hastings.