Elder financial exploitation has been called the crime of the century. Older people are especially vulnerable to exploitation due to isolation, cognitive decline, physical disability, or bereavement. The CFPB recently issued an advisory and a report with recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans.

Because the CFPB's recommendations represent its expectations for “best practices,” banks and credit unions should carefully consider the recommendations in creating and implementing programs to detect and report elder financial abuse. Elder financial abuse prevention can be viewed to fall within a financial institution’s general obligation to limit unauthorized use of customer accounts as well as its general privacy and data security responsibilities.


In this webinar, we will discuss the following recommendations by the CFPB:

  • Training of management and staff to prevent, detect, and respond to financial abuse
  • Use of technology to monitor for signs of elder financial exploitation
  • Reporting of suspected financial abuse to relevant federal, state, and local authorities
  • Protection of older account holders through compliance with the Electronic Fund Transfer Act and certain Regulation E requirements
  • Collaboration with law enforcement and Adult Protective Services
  • Coordinating efforts to educate older accountholders, caregivers, and the public

We will also discuss the possible ramifications should banks and credit unions fail to adopt the CFPB's recommendations, including:

  • Targeting by the CFPB for engaging in unfair, deceptive, or abusive acts or practices
  • For those banks and credit unions subject to CFPB supervision, a bad exam result should CFPB examiners' determine that the recommendations have not been adopted

Date & TIme

Friday, May 6, 2016
12:00 PM - 1:00 PM ET


Alan S. Kaplinsky, Practice Leader
Consumer Financial Services


John L. Culhane, Jr.
Consumer Financial Services

Peter D. Hardy
Consumer Financial Services

This program is open to Ballard Spahr clients and prospective clients interested in the CFPB's new report on Elder Abuse. There is no cost to attend. This program is not eligible for continuing education credits.
Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact Eva M. D'Ignazio at dignazioe@ballardspahr.com.