Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults

Source: Consumer Financial Protection Bureau

Published: 2013

Summary:

Employees of depository institutions and other financial service providers that constitute “financial institutions” for purposes of the GLBA may observe signs of possible financial exploitation of an older adult. Various federal and state authorities either require or encourage reporting of this type of information to the appropriate agency. This guidance clarifies that reporting suspected financial abuse of older adults to appropriate local, state, or federal agencies does not, in general, violate the privacy provisions of the GLBA or its implementing regulations. In fact, specific privacy provisions of the GLBA and its implementing regulations permit the sharing of this type of information under appropriate circumstances without complying with notice and opt-out requirements.

Link: Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults

Topics: Financial Abuse, Legal, Prevention, Reporting

Access: Download, Web-based

Intended Use: Self-directed Learning, Teaching Others

Audience: Finance, Legal/Law Enforcement

Level: Advanced

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