Jump to Content
ABA: The American Bankers Association
Compliance News

CFPB Issues Advisory on Reporting Elder Financial Abuse

The Consumer Financial Protection Bureau released an advisory to financial institutions for reporting suspected elder financial exploitation. The document updates the CFPB's 2016 recommendations for preventing and responding to elder financial abuse, and urges financial institutions to report suspected exploitation to the appropriate local, state and federal authorities. In particular, the bureau recommends filing Suspicious Activity Reports in such cases. The recommendations reflect a recent study of 180,000 elder financial exploitation SARs that showed an average loss of $41,800 among adults over 70, with 7% losing over $100,000.