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Elder Issues Financial Institutions

GeoDataVision

Elder Abuse-Financial Exploitation and Fraud

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Len and Dean discuss the alarming issue of elder abuse in their 78th and 79th podcasts. Dean expresses concern, especially since he has elderly parents, and highlights recent statistics from FinCEN and the FBI on elder...more

Bressler, Amery & Ross, P.C.

Florida Adopts Protection of Specified Adults Statute for Financial Institutions

During the 2024 Legislative session, the Florida Legislature passed Senate Bill 556, “Protection of Specified Adults”, which was signed into law by Governor Ron DeSantis on May 28, 2024....more

Troutman Pepper

Litigating Elder Financial Exploitation Cases: Defending Banks in a Tough Spot — The Consumer Finance Podcast

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Join Troutman Pepper Partners Chris Willis, Mary Zinsner, and Dave Gettings for an in-depth discussion about litigating elder financial exploitation cases. Elder abuse and financial exploitation of the elderly are increasing...more

Woods Rogers

Financial Exploitation of the Elderly: New Duties for Financial Institutions under 2022 Virginia Legislation

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Financial exploitation affects at least 10% of the elderly population in the U.S. and is a growing problem according to the U.S. Treasury’s Financial Crimes Enforcement Network. The 2022 Virginia General Assembly enacted...more

Ballard Spahr LLP

FinCEN Warns Against Elder Financial Exploitation

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On June 15, FinCEN issued an Advisory on Elder Financial Exploitation (“Advisory”) to warn financial institutions about the rising trend of elder financial exploitation (“EFE”), which FinCEN defines as “the illegal or...more

Faegre Drinker Biddle & Reath LLP

Having a Senior Moment: Recent Legislation and Rules to Protect Seniors from Financial Exploitation

In recent years there has been a spate of legislation and rules passed to protect senior investors. Similarly, observers of FINRA’s and the SEC’s annual priorities will, of course, have noticed both bodies’ inclusion of elder...more

UB Greensfelder LLP

[Webinar] Elder Abuse: Risks, Pitfalls and How to Try a Complex Elder Financial Abuse Case - March 23rd, 2:00 pm - 3:00 pm EDT

UB Greensfelder LLP on

Join Ulmer partners Michael N. Ungar and Daniela Paez as they discuss the current regulatory landscape as well as the litigation trends and risks surrounding elder financial abuse and exploitation. They will also share an...more

Foster Swift Collins & Smith

How FEPA Protects Michigan’s Elderly Against Financial Exploitation

In 2021, Michigan passed the Financial Exploitation Prevention Act (FEPA or Act) which took effect last September. FEPA sets forth new requirements on financial institutions to report financial exploitation of vulnerable...more

Bressler, Amery & Ross, P.C.

Arkansas and Hawaii are the Latest States to Increase the Protection of Vulnerable Adults from Financial Exploitation

Arkansas and Hawaii are the latest states to enact laws enhancing the protection of elder and vulnerable adults from financial exploitation. On July 28, 2021, Arkansas’s amendment to its financial exploitation law became...more

Bressler, Amery & Ross, P.C.

Arkansas Modifies Its Financial Exploitation Report and Hold Statute

On April 1, 2021, Arkansas modified its law protecting elder and vulnerable adults from financial exploitation. The enacted Arkansas Senate Bill 151 modifies Arkansas’s financial exploitation law, Ark. Code § 23-42-309, by...more

Bressler, Amery & Ross, P.C.

Nebraska Enacts Broker-Dealer and Investment Adviser Financial Exploitation Law

On March 31, 2021, Nebraska became the latest state to pass legislation to protect elder and vulnerable adults from financial exploitation. The new law allows broker-dealers and investment advisers to report suspected...more

Alston & Bird

CFPB Updates Financial Institution Guidance on Elder Financial Exploitation

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A&B ABstract: In July 2019, the Consumer Financial Protection Bureau (“CFPB”) issued an update to its 2016 Advisory and Recommendations for Financial Institutions on Preventing and Responding to Elder Financial...more

Ballard Spahr LLP

CFPB issues update to 2016 advisory on elder financial abuse

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The CFPB has issued an update to its 2016 advisory that contained recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans....more

Vedder Price

SEC, NASAA and FINRA Issue Senior Safe Act Fact Sheet

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On May 23, 2019, in recognition of the one-year anniversary of the passage of the Senior Safe Act, the SEC, the North American Securities Administrators Association and FINRA issued a fact sheet to raise awareness of the act...more

Downey Brand LLP

A Thin Blue Line: APS and the DA Have Few Resources to Combat Financial Elder Abuse

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Seniors are vulnerable to financial elder abuse and are often victimized, but there’s a scarcity of government resources in Sacramento County and elsewhere in California to address the problem. On May 21, 2019, the...more

Carlton Fields

Protecting At-Risk Seniors from Financial Exploitation

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The Senior Safe Act (12 U.S.C. § 3423) took effect May 24. The Act “extends immunity from liability to certain individuals employed at financial institutions who, in good faith and with reasonable care, disclose the suspected...more

Mayer Brown Free Writings + Perspectives

What Financial Institutions Need to Know about Regulations on Elder Financial Exploitation

Elder financial exploitation has been recognized by many state and national agencies as a concern as the population ages and elders shoulder more responsibility for managing their retirement assets under defined contribution...more

Bradley Arant Boult Cummings LLP

Alabama’s Act Aimed at Prohibiting Financial Abuse of Elders – Should It Be Expanded to Cover Insurers and Insurance Agents?

Alabama’s Elder Abuse Act attempts to protect financial abuse of elders. But by not including insurance companies and insurance agents, does the Act go far enough?...more

Carlton Fields

FINRA Moves to Protect Seniors and Other Vulnerable Persons

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FINRA has taken another step to protect against what it calls "financial exploitation of vulnerable individuals or individuals with diminished capacity." These include seniors (at least age 65) and persons (at least age 18)...more

Bradley Arant Boult Cummings LLP

Securities Legislative Update – Elderly Investors 2017

The SEC recently approved FINRA’s proposed rule aimed at preventing fraud and abuse of senior investors. On March 30, FINRA issued Regulatory Notice 17-11, setting the effective date for the new rule as February 5, 2018. The...more

Carlton Fields

Signs of an Active 2017 for Laws Protecting Vulnerable Adults from Financial Exploitation

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The North American Securities Administrators Association (NASAA)’s Model Legislation or Regulation to Protect Vulnerable Adults from Financial Exploitation (Model Act) gained traction in 2016 and appears poised for even more...more

Proskauer - Corporate Defense and Disputes

SEC Staff Announces 2017 OCIE Examination Priorities

On January 12, 2017, the staff of the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released its annual announcement on examination priorities in the coming calendar...more

Ballard Spahr LLP

CFPB report on community networks to combat elder financial abuse and resource guide highlight role of financial institutions

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The CFPB has issued a new elder financial abuse report, “Report and Recommendations: Fighting Elder Financial Exploitation through Community Networks,” and a related resource guide, “A Resource Guide for Elder Financial...more

Ballard Spahr LLP

CFPB to hold May 25 webinar for banks on elder financial exploitation

Ballard Spahr LLP on

The American Bankers Association has reported that on May 25, 2016, the CFPB will hold a webinar on how banks and credit unions can protect older consumers from financial exploitation. The webinar will highlight the CFPB’s...more

Ballard Spahr LLP

CFPB Community Bank Advisory Council to meet on April 21

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The CFPB will hold a meeting of its Community Bank Advisory Council on April 21, 2016 in Washington, D.C. According to the CFPB’s notice published in today’s Federal Register, there will be a discussion of the CFPB’s...more

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