On February 27, 2019, the CFPB issued a report titled “Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends.” In their release, they explain that financial institutions have reported over 180,000 suspicious activities targeting older adults. Combined, these Suspicious Activity Reports (SARs) involved more than $6 billion in elder financial exploitation.
The first of its kind, this report presents a public analysis of SARs filed for elder financial exploitation between 2013 and 2017. The CFPB explains that the findings in the analysis provide an “opportunity to better understand the complex problem of elder financial exploitation and to identify ways to improve prevention and response.”
The full report runs 35 pages long and includes several sections including trends in SAR submissions, Monetary losses reported in SARs, and patterns in SAR related to elder financial exploitation.
As you would expect, this topic will be covered in detail in our next Quarterly Compliance Update, which will be available to purchase in our store mid-April (covering all compliance-related activity that took place during the 1st quarter of 2019). In this upcoming Compliance Class (video webinar), we plan to review the CFPB’s analysis in detail as well discuss existing industry guidance relating to elder financial exploitation. For those interested in this program, send an email to firstname.lastname@example.org to receive a coupon code for this upcoming Compliance Class.
The full CFPB analysis can be found here.