Agencies Say Banks Can Report Financial Abuse Of Elders

Law360, New York (September 25, 2013, 4:39 PM EDT) -- Eight federal agencies clarified Tuesday that financial services providers are generally free to detail suspected exploitation of elderly customers to the government without offending federal privacy restrictions on their information-sharing practices.

The interagency guidance says that reporting suspected financial abuse of older customers does not, in general, violate the privacy provisions of the 1999 Gramm-Leach-Bliley Act bank deregulation law.

The clarification responds to concerns from financial institutions like banks, credit unions and money transmitters that said they were caught between a desire to crack down on...
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