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| Financial Regulators Issue Guidance to combat Elder Financial Exploitation |
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Financial regulatory agencies – including the NCUA and CFPB – the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement yesterday providing credit unions with guidance on how to effectively combat elder financial exploitation.
The illegal use of older adults’ funds or other resources for the benefit of an unauthorized recipient was found to have been linked to about $27 billion in reported suspicious activity over a one-year period ending in June 2023, according to FinCEN.
The agencies released this statement to raise awareness and provide practices that supervised institutions may use to help identify, prevent, and respond to elder financial exploitation:
• Develop effective governance and oversight, including policies and practices to protect account holders and the institution;
• Train employees on recognizing and responding to elder financial exploitation;
• Use transaction holds and disbursement delays, as appropriate, and consistent with applicable law;
• Establish a trusted contact designation process for account holders;
• File suspicious activity reports to FinCEN in a timely manner;
• Report suspected elder financial exploitation to law enforcement, Adult Protective Services, and other appropriate entities;
• Provide financial records to appropriate authorities where consistent with applicable law;
• Engage with elder fraud prevention and response networks; and
• Increase awareness through consumer outreach.
Copyright 2024. America's Credit Unions. (link) |
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