Introduction
The Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators (collectively, “the agencies”), are issuing this statement to provide institutions supervised by the agencies (“supervised institutions”) examples of risk management and other practices that can be effective in identifying, preventing, and responding to elder financial exploitation. This statement does not replace previous guidance on this subject issued by any of the agencies, does not interpret or establish a compliance standard, and does not impose new regulatory requirements or establish new supervisory expectations. It is intended to raise awareness and provide strategies to supervised institutions for combating elder financial exploitation, consistent with applicable legal requirements.
Background
Elder financial exploitation is the illegal use of an older adult’s funds or other resources for the benefit of an unauthorized recipient. Elder financial exploitation can deprive older adults of their life savings in whole or in part, devastate their financial security, and cause other harm.