summary
The Office of the Comptroller of the Currency (OCC), Federal Reserve Board, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, and state financial regulators (collectively, the Agencies) announced today , issued a statement providing agency oversight with examples of effective risk management and other practices in identifying, preventing, and responding to economic exploitation of older adults.
Notes for community banks
The interagency statement applies to community banks. 1
highlights
An interagency statement discusses:
Develop effective policies and practices to better protect account holders and institutions. Training employees to recognize and respond to economic exploitation of older adults. Use transaction holds and payment delays. Establish a trusted contact designation process for account holders. File a suspicious activity report for suspected financial exploitation of an elderly person. Report to law enforcement and other appropriate authorities. Provide financial records to appropriate authorities. Collaboration with the Elderly Fraud Prevention and Response Network. Increase awareness through consumer outreach.
Detailed information
Please contact Eric Ellis, Director of Bank Secrecy/Anti-Money Laundering Policy, at (202) 649-5470.
Grovetta N. Gardiner
Principal Deputy Inspector General for Banking Supervision Policy
