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Bureau updates advisory on elder financial exploitation
The CFPB has announced it has issued an updated advisory urging financial institutions to report suspected incidents of financial exploitation of older adults to the appropriate local, state and federal authorities. The Bureau also recommended that financial institutions file Suspicious Activity Reports (SARs) with the federal government when they suspect elder financial exploitation (EFE).
The updated advisory includes information on state reporting requirements and laws authorizing (in some states) delays in disbursing funds, the Senior Safe Act and SAR filing, and cooperation with adult protection service agencies, law enforcement and other government agencies.