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Compliance Risk Management: What Financial Institutions Need to Know About Reporting Elder Financial Exploitation

March 05, 2014

By V. GERARD COMIZIO & AMANDA KOWALSKI

Elder financial exploitation is becoming an increasingly important risk management area for financial institutions. All fifty states have laws regarding the reporting of elder abuse, including financial abuse, and the Consumer Financial Protection Bureau has increased its focus on financial institutions' role in detecting, preventing, and reporting such abuse. This article provides an overview of some of the state and federal legal issues applicable to financial institutions and their employees. It is intended to serve as a guide for financial institutions to review their existing compliance efforts in this important and rapidly expanding area of state and federal oversight.