The CFPB Urges Financial Institutions to Report Elder Financial Exploitation

July 18, 2019
This week, the CFPB is urging all financial institutions to report any suspicious activity of older account holders that may be targeted or victimized for financial fraud or abuse.

 

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.

More here>>

Sign up for news + updates

Expert insights and regulatory updates on RegTech, compliance management, and fair lending.

Anurag Agarwal, PhD

President, RiskExec

Recommended Resources

Propel™ by Asurity - Case Study: Proprietary LOS Integration

Find out why a top-ten mortgage lender with a proprietary loan origination system (LOS) needed to convert from a legacy document platform.

Goals Module Overview

Learn more about the Goals Module and its key monitoring and reporting features.

Reg+Tech Magazine Volume 2 Issue 1

Learn about the changes of state consumer protection and the responsibility of financial services institutions to pursue operational excellence and a culture of compliance.

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram