New Federal Law Provides Immunity for Reporting Suspected Elder Financial Exploitation – TRAINING and RECORDKEEPING REQUIRED
The National Council on Aging reports older Americans lose as much as $36.5 billion a year to financial exploitation. It has been billed as the crime of the twenty-first century, and as the senior population increases (U.S. Census statistics project the 65 and over population to double from 2012 to 2050) the loss is expected to increase proportionately…unless we help!
The federal government has sounded the alarm (in unison no less). FinCEN, CFPB, FDIC, DOJ, FDIC, FTC and others are all asking for financial institutions to take a stand against elder financial exploitation, and with the signing of the Economic Growth, Regulatory Relief, and Consumer Protection Act on May 24, 2018, the federal government is providing immunity when reporting suspected elder financial exploitation to federal, state and local authorities.
What You Will Learn
After participating in this program, the bank must:
- Maintain records of program content and participating bank staff,
- Train affected employees on state reporting requirements (if applicable – resources included),
- Train all employees on procedures for internal (in-bank) reporting of suspected financial exploitation, and
- Ensure all new hires receive the required training – This webinar is available on-demand to help.
Who Should Attend?
To qualify, each employee having contact with elderly customers, and their activity and documents is required to have training on identifying and reporting elder financial exploitation, including the signs of financial exploitation, and the legal requirement to respect the privacy of individual customers. This webinar provides 90% of the training content required for immunity under the new federal law. Participants will learn applicable definitions, “red flags” of elder financial exploitation – including real world examples, and tips for responding to “in-progress situations”.
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