Combatting Elder Financial Exploitation
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
Amy Kudlacek
Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!