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Financial Services Law Insights and Observations

Federal Agencies Issue Guidance On Reporting Elder Financial Abuse Under Gramm-Leach-Bliley

FDIC CFPB Federal Reserve OCC Gramm-Leach-Bliley Seniors Privacy/Cyber Risk & Data Security Elder Financial Exploitation

Privacy, Cyber Risk & Data Security

On September 23, eight federal agencies, including the Federal Reserve Board, the CFPB, the OCC, and the FDIC, issued interagency guidance to clarify the applicability of Gramm-Leach Bliley Act privacy provisions to reporting suspected financial exploitation of older adults. The guidance states that although the Act generally prohibits a financial institution from disclosing nonpublic personal information about a consumer to any nonaffiliated third party without notifying the consumer and providing an opportunity to opt-out of the disclosure, the Act contains several exemptions that generally allow for the reporting of suspected elder financial abuse, either at the request of a local, state, or federal agency or on the financial institution’s own initiative.

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