Litigating Elder Financial Exploitation Cases: Defending Banks in a Tough Spot — The Consumer Finance Podcast
Legally Qualified: Protecting Against Elder Investment Fraud and Exploitation
Earlier this week, the Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National...more
It’s sometimes said that growing older is a privilege. Even so, aging can cause concerns about health issues, financial security, and family relationships. Every year it is reported that family members or “friends” with...more
On July 1, 2022, Iowa’s first broad elder abuse criminal law went into effect after being passed by the Iowa House and Senate unanimously. The Act is entitled “Resident, Dependent Adult, and Older Individual Protection Act.”...more
In 2019, I wrote about a then pending proposal, SB 496 (Moorlach), to add broker-dealers and investment advisers to the category of mandated reporters of known or suspected financial abuse of elders or dependent adults. ...more
On Friday August 6, 2021, Wisconsin Governor Tony Evers took action on six Senate bills. One of these bills, Senate Bill 17, now 2021 Wisconsin Act 76, addressed five key issues...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
The CFPB’s Office of Financial Protection for Older Americans has issued a new report on combating elder abuse. ...more
On October 18, 2018, the CFPB will hold a town hall in Baton Rouge, Louisiana on preventing elder financial exploitation. ...more
The financial elder abuse and fraud cases playing out in court right now surrounding Marvel Comics icon Stan Lee trace back to state laws enacted many years ago like the California Elder Abuse Act, designed to protect those...more
New rules have been put in place to protect seniors with brokerage accounts from financial scams that could drain the accounts before anyone notices. As the population ages, elder financial abuse is a mounting problem...more
Many publications report on the prevalence of elder financial abuse in our society. It can arise from misuse of powers of attorney, guardianships, and estate and trust administrations, as well as out and out scams. Many...more
A pair of FINRA Rule revisions designed to protect seniors from financial exploitation become effective February 5. The Rules require member firms to obtain “Trusted Contact Person” information and impose short...more
Tennessee is protecting Grandma! Two pieces of legislation were approved this year: the Elder and Vulnerable Adult Protection Act, which is on its way to Gov. Haslam to be signed into law, and the Elderly and Vulnerable Adult...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