Federal Agencies Issue Guidance On Reporting Elder Financial Abuse Under Gramm-Leach-Bliley

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On September 23, eight federal agencies, including the Federal Reserve Board, the CFPB, the OCC, and the FDIC, issued interagency guidance to clarify the applicability of Gramm-Leach Bliley Act privacy provisions to reporting suspected financial exploitation of older adults. The guidance states that although the Act generally prohibits a financial institution from disclosing nonpublic personal information about a consumer to any nonaffiliated third party without notifying the consumer and providing an opportunity to opt-out of the disclosure, the Act contains several exemptions that generally allow for the reporting of suspected elder financial abuse, either at the request of a local, state, or federal agency or on the financial institution’s own initiative.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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