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FINANCIAL INSTITUTION LETTER | DECEMBER 4, 2024 |
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Agencies Issue Interagency Statement on Elder Financial Exploitation
SUMMARY:
The Board of Governors of the Federal Reserve System (FRB), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Financial Crimes Enforcement Network (FinCEN), and state financial regulators (collectively, “the agencies”) issued a joint statement to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation.
The joint statement provides strategies that can be effective in identifying, preventing and responding to elder financial exploitation. The joint statement does not establish new supervisory expectations or impose new regulatory requirements.
STATEMENT OF APPLICABILITY:
The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions.
DISTRIBUTION:
FDIC-Supervised Financial Institutions.
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