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
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
First in a Two-Post Series - The U.S. Department of Treasury (“Treasury”) has issued its 2020 National Strategy for Combating Terrorist and Other Illicit Financing (“2020 Strategy”)....more
The FCA has published a consultation on proposed non-Handbook guidance for firms on the fair treatment of vulnerable customers. The FCA reiterates that vulnerability is one of its key priorities and makes it clear that the...more
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
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
Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more
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
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