Topic: Elder Financial Exploitation
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What are the state’s expectations as to the new elder financial exploitation training requirements? Would the IBA’s training DVD suffice?
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The IBA’s elder financial exploitation training DVD has been approved by the Illinois Department of Financial and Professional Regulation as complying with the elderly financial exploitation training rules. As stated in the rules, the training can “be by in-person training or other media, such as a DVD.” All employees with direct customer contact should complete…
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Are national banks required to comply with the Illinois elder financial exploitation training requirements?
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The OCC has informed us that they do not view the Illinois law and rules on senior financial exploitation training as applying to national banks. They do not mind if national banks voluntarily comply, but they would object to any attempts at state enforcement of the law against a national bank. Their position is based…
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Is our bank a “mandated reporter” of financial elder abuse?
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Not in Illinois. Unlike a few other states, financial institutions are not mandated to report financial exploitation of the elderly in Illinois. However, if they voluntarily file a report of suspected financial exploitation in good faith, or respond to a subpoena from a government agency authorized to investigate elder abuse, they are immune from liability…
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We have an elderly customer who is asking for a picture that was taken at one of our ATM facilities by the security camera. The gentleman claims that a caretaker took money out of his account, and he wants the picture as proof. We can match the date and time of the picture with the withdrawal, but even so, should we provide it to him?
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In our view, your bank should consider the “bigger picture” and not voluntarily provide the photograph to its customer, because by doing so, it could open itself up to a host of liability issues. Instead, the bank should tell the customer that it will only provide such information in response to a lawful subpoena or…