In December 2024, the Agencies issued an Interagency Statement on Elder Financial Exploitation (EFE). This Statement provides …information and examples of risk management and other practices that supervised institutions could consider adopting to combat elder financial exploitation. While many suggested practices were provided, a few worth mentioning include:
- Supervised institutions may consider enhancing or creating risk-based policies, ongoing monitoring practices, and complaint processes to identify, measure, monitor, and mitigate elder financial exploitation.
- Supervised institutions may find it beneficial to provide training for employees on recognizing, deterring, addressing, and responding to elder financial exploitation.
- Some state laws require certain supervised institutions to report suspected elder financial exploitation to Adult Protective Services (APS), local law enforcement, and/or regulatory authorities.
While these may seem somewhat obvious, they can easily be overlooked, especially employee training.
Published
2025/03/17
