The CFPB Urges Financial Institutions to Report Elder Financial Exploitation
The Consumer Financial Protection Bureau (CFPB) issued an advisory on Wednesday, July 17, 2019 asking all financial institutions to report any instance of elderly abuse, also referred to as Elder Financial Exploitation (EFE).
The advisory notes that financial institutions are “uniquely positioned” to detect when older account holders are targeted or victimized. They urge any abusive activity to be filed through Suspicious Activity Reports (SARs) with the federal government. Read more and best practices directly on the CFPB’s website.