Protecting the Elderly: What Your Financial Institution Needs to Know and Do. 
Alert! Federal Regulatory Agencies Issues Guidance on Elder Programs

January 31, 2025
10am-11:30am


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On December 4, 2024, the federal regulatory agencies issued a joint statement to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. Elder financial exploitation is the illegal or improper use of an older adult’s funds or other resources for the benefit of an unauthorized recipient.  It can deprive older adults of their life savings in whole or in part, devastate their financial security, and cause other harm.  By issuing the joint statement, the agencies intend to raise supervised institutions’ awareness of, and provide strategies for, addressing elder financial exploitation.

In this statement, the agencies provide information and examples of risk management and other practices that supervised institutions could consider adopting to combat elder financial exploitation.  Learn what you need to know and do in light of this new guidance.

• Creating risk-based policies, ongoing monitoring practices, and complaint processes to identify, measure, monitor, and mitigate elder financial exploitation.
• Provide training for employees on recognizing, deterring, addressing, and responding to elder financial exploitation.
• Transaction holds and disbursement delays can help supervised institutions prevent and respond to various situations that may involve elder financial exploitation, when used appropriately and in compliance with applicable laws and regulations. 
• Establishment of trusted contact
• Filing of SARSs
• Find state law requirements
• How to work with law enforcement
• Engage with elder fraud prevention and response networks that include professionals from various agencies and organizations.
• Resources to share with elder account holders

BSA, Compliance, Complaint Management, Deposit and Loan Operations, Branch Staff, Training and all Customer Service Personnel

Debbie Crawford is the President of gettechnical, Inc. a Florida-based firm, specializing in the education of banks and credit unions across the nation. Her 35+ years of banking and teaching experience  began at Hibernia National Bank in New Orleans. She graduated from Louisiana State University with both her bachelor's and master’s degrees. Deborah's specialty is in the deposit side of the financial institution where she teaches seminars on regulations, documentation, insurance and Individual Retirement Accounts.