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#1420229 - 07/27/10 11:37 AM Elder Financial Abuse signed into law 7/17/2010
ddiver Offline
Member

Registered: 05/31/06
Posts: 83
Has anyone seen anymore information on banks requirement to train staff and to report of elder financial abuse? I have only seen the 7/17/2010 annoucement and not further information of what the state examiners expectations will be when they come into examine our bank on this issue?

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#1420452 - 07/27/10 03:30 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: ddiver]
MyBrainHurts Online
Platinum Poster

Registered: 02/11/10
Posts: 680
The IDFPR and DoA must develop standards for what's expected of the banks.
Here's what the Illinois Bankers Association published on the question:
Financial Exploitation of the Elderly
Senate Bill 3267 (Public Act 96-1103, effective July 19, 2010) requires the Department on Aging (DoA) and the Illinois Department of Financial and Professional Regulation (IDFPR) to develop "minimum standards" that state-chartered financial institutions must use to train frontline employees on recognizing financial exploitation of the elderly. IDFPR will retain sole visitation and enforcement authority for this training and must provide bi-annual reports to the DoA containing aggregate statistics on these training programs.

As introduced, SB 3267 would have imposed mandatory reporting requirements on financial institutions. The IBA testified in committee against the original bill. As a result of our opposition, the enacted legislation represents a hard fought compromise between the IBA and our financial institution industry coalition and the DoA, the City of Chicago, and the Illinois Association of Area Agencies on Aging.
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#1481589 - 12/16/10 10:44 AM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: MyBrainHurts]
manimal Online
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Registered: 02/26/08
Posts: 2204
Loc: Deleted
I heard the rule will be coming out for comment within the next week or two. Apparently banker associations are anticipating some complications that will need addressing.

Something to watch for!
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#1512165 - 02/18/11 01:04 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: manimal]
ramona Offline
Member

Registered: 01/14/05
Posts: 72
Any new updates on the required IDFPR development of the minimum training standards for Illinois banks?

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#1512478 - 02/18/11 05:18 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: ramona]
MyBrainHurts Online
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Registered: 02/11/10
Posts: 680
I haven't seen anything new, and there's nothing on the websites for the IDFPR or DOA.
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#1524822 - 03/21/11 04:43 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: MyBrainHurts]
xerx Offline
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Registered: 07/23/10
Posts: 224
I just called 1-866-800-1409 to question the status of this. It appears that the recommended training is still in rule making in the first filing and there will still be a second filing.

So, it may be a while until the actual requirements are spelled out. It sounded like the training is "mandatory" but the reporting would only be recommended.

It's also not entirely clear if it only applies to IL-chartered banks or if it applies to all banks in Illinois (but only examined for by those who have Illinois regulators).

http://www.state.il.us/aging/1abuselegal/abuse_reporting.htm

http://www.illinois.gov/pressreleases/ShowPressRelease.cfm?SubjectID=3&RecNum=8645


Edited by xerx (03/21/11 04:44 PM)

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#1570344 - 06/27/11 11:53 AM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: xerx]
bcastle Offline
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Registered: 11/04/03
Posts: 181
Loc: Springfield, Illinois (Souther...
Have there been any updates to the training that is to be provided to employees with customer contact PRIOR to starting their job duties?

Any other information that we need to know?
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#1578144 - 07/14/11 02:16 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: bcastle]
MyScamper Offline
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Registered: 05/04/06
Posts: 444
Loc: Between here and there

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#1578189 - 07/14/11 03:02 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: MyScamper]
MyScamper Offline
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Registered: 05/04/06
Posts: 444
Loc: Between here and there
What I previously posted are the proposed rules, which have been changed quite a bit. Still trying to find final rules.

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#1578230 - 07/14/11 03:31 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: MyScamper]
ComplyWithMeToo Offline
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Registered: 02/22/07
Posts: 221
Just as an FYI - 866-800-1409 is a State of Illinois Dept of Aging phone number but is not the individual who has information. The person who answered the 866 number was a little "testy" - perhaps many of us Illinois bankers have been bothering her - but she did give me another number. I have placed a call and left a message.

Once I get anything - I'll post here!



Edited by ComplyWithMe (07/14/11 03:32 PM)

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#1578248 - 07/14/11 03:39 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: ComplyWithMeToo]
MyScamper Offline
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Registered: 05/04/06
Posts: 444
Loc: Between here and there
I think I got the same person and left a message for someone named Holly. I also left a message for Karen Kloppe, who is the Deputy General Counsel for the Dept of Aging. There was a 2nd change notice sent on 6/13/11 that expires 7/27/11. What it does say is that if you do the B*Safe training provided by the Dept. of Aging, it will accept that. So I'm thinking these rules are not final yet.

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#1578424 - 07/14/11 11:21 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: MyScamper]
MyScamper Offline
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Registered: 05/04/06
Posts: 444
Loc: Between here and there
I sent an email to Scott Clark, Asst. Director at the IDFPR. Here is his reply. I will post the info when I receive itl


We are waiting for the final rule to come back from the legislative committee which just approved the rule. I will forward it to you when we receive it.

Scott D. Clarke
Assistant Director
Illinois Department of Financial and Professional Regulation
Division of Banking

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#1585476 - 07/29/11 04:04 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: MyScamper]
manimal Online
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Registered: 02/26/08
Posts: 2204
Loc: Deleted
The joint rule was released by the IL Joint Committee on Administrative Rules... New employees with customer contact will have 6 months to complete training. Current employees must complete training by February 1. Refresher courses must be completed every 3 years.

https://www.ilbanker.com/documents/GR/financial_exploitation.pdf
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#1586600 - 08/02/11 04:54 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: manimal]
SouthernComfort Offline
Platinum Poster

Registered: 08/09/01
Posts: 700
Loc: Southern Illinois, USA
Does anyone know where to get the training program that will be required for financial institutions?

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#1590229 - 08/10/11 02:05 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: ComplyWithMeToo]
janeb Offline
Junior Member

Registered: 05/21/04
Posts: 37
I guess I got the right person. I talked to Claudia Sergent 217-785-3381. She was very helpful. She said you can contact your local senior center if you have one and see if there is a person certified as an Elder Abuse Trainer who can train your employees or she would come to your bank and train the trainer. She indicated that either way the service would be free.

Also, the IBA is supposed to be developing a 30 minute video which would cover the training.

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#1610710 - 09/29/11 02:08 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: janeb]
More Changes?!? Offline
Member

Registered: 12/03/07
Posts: 98
The IBA has a CD to listen to on this. Its more like 45-50 minutes long.

They mention needing to record any suspected abuse on a log or form.. does anyone have a form theya re willing to share?

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#1625393 - 11/07/11 05:28 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: More Changes?!?]
MyScamper Offline
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Registered: 05/04/06
Posts: 444
Loc: Between here and there
The notice dated 10/3/11 from the IDFPB states: "The rule requires financial institution officers and employees who have face to face contact or contact by telephone with older persons to take training of at least 30 minutes and refresher training every 3 years..." I thought this was only supposed to be for face to face contact employees. How does someone over the phone know if they are talking to an "older person"? Also, do you plan on training all employees, including commercial lenders and all back room personnel?

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#1627214 - 11/10/11 11:34 AM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: MyScamper]
MyScamper Offline
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Registered: 05/04/06
Posts: 444
Loc: Between here and there
Bump.

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#1627905 - 11/14/11 09:12 AM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: MyScamper]
Oursisnottoreasonwhy Offline
Gold Star

Registered: 11/30/04
Posts: 312
Loc: Illinois
Yes.

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#1631356 - 11/22/11 11:25 AM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: Oursisnottoreasonwhy]
CrookedVulture Offline
100 Club

Registered: 07/18/08
Posts: 148
The B*SAFE training is essentially a safe harbor and not required, correct?

We have an Elder Financial Abuse online course that we require employees with customer contact to take annually. The course is 30 minutes and meets the requirements of "recognizing the indicators of financial exploitation" and "how to report financial exploitation of older adults". Based on those factors, I believe the course meets and actually exceeds the mandated training requirements (it's required annually instead of every 3 years).

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#1631462 - 11/22/11 12:56 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: CrookedVulture]
QCL Offline

Power Poster

Registered: 05/23/02
Posts: 6183
Loc: NW IL
Originally Posted By: CrookedVulture
The B*SAFE training is essentially a safe harbor and not required, correct?


That is correct.
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#1648216 - 01/09/12 03:37 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: ddiver]
manimal Online
Diamond Poster

Registered: 02/26/08
Posts: 2204
Loc: Deleted
A friendly reminder/bump: All existing employees with customer contact need to be trained by 2/1/12!
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#1648780 - 01/10/12 02:27 PM Re: Elder Financial Abuse signed into law 7/17/2010 [Re: ddiver]
Princess Romeo Offline

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Registered: 06/01/01
Posts: 7603
Loc: Where the heart is
I believe that Bankers Edge retooled their Elder Financial Abuse training program for Illinois based institutions. (Actually - Elder Financial Exploitation is the nomenclature for Illinois.)

My understanding is that the Illinois Department of Financial and Professional Regulation reviewed the program and determined it satisfies the training requirement.
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