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Interagency Guidance Clarifies Reporting on Elder Financial Abuse – IBA Compliance Connection

Interagency Guidance Clarifies Reporting on Elder Financial Abuse

The federal regulators have issued a joint guidance on how financial institutions should handle suspected elder financial abuse. The guidance clarifies that reporting suspected elder abuse to appropriate authorities would not violate provisions of the Gramm-Leach-Bliley Act that otherwise require financial institutions to notify and allow customers to opt out before releasing personal information.