Seven federal regulatory agencies issued joint guidance yesterday on what options financial institutions have when they suspect elder financial abuse.
A joint press release clarifies that the privacy provisions of the Gramm-Leach-Bliley Act generally permit financial institutions to report suspected elder financial abuse to appropriate authorities. 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.
The guidance offers examples and potential signs of elder financial abuse that employees should be aware of. Employees “can play a key role in preventing and detecting elder financial exploitation by reporting suspicious activities to the proper authorities,” the Fed said.