What's New? Elder Financial Exploitation

On December 5, 2024, The Board of Governors of the Federal Reserve System (Board), Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, state financial regulators, and the Financial Crime Enforcement Network (collectively, the agencies) issued a statement to financial institutions supervised by the agencies for the purpose of raising awareness and providing strategies for combatting elder financial exploitation. Elder financial exploitation is the illegal use of an older adult’s funds or other resources for the benefit of an unauthorized recipient. Click here to read The Interagency Statement on Elder Financial Exploitation. Read more about Elder Financial Exploitation and  Accounts of Incompetent Depositors in The Gold Book. 

What's New? Elder Financial Exploitation

Federal and State regulators emphasize that financial institutions can play a key role in preventing elder financial exploitation.  Bank tellers and other staff, including those overseeing investment accounts or offering investment advice, are on the frontlines of combating elder financial exploitation.  These individuals frequently work directly with elderly customers and are in a unique position to observe potential “red flags” of abuse.  

See new section of The Gold Book, Elder Financial Exploitation for more information. 

What's New? Adult Guardianship in Other States

New York and New Jersey recently joined over thirty other states in their adoption of a Uniform Adult Guardianship Protective Proceedings Jurisdiction Act. Passing of these acts is to create uniform procedures for guardianships and protective proceedings and to prevent or minimize interstate jurisdictional disputes in adult guardianship cases. Read more about New York's Act and New Jersey's Act in The Gold Book.