Elder Financial Exploitation Compliance in the United States

Elder Financial Exploitation Compliance in the United States

This IDC Perspective looks at the regulations around financial exploitation under the Financial Industry Regulatory Authority (FINRA), and guidance issued by the Consumer Financial Protection Bureau (CFPB), the key risks, and actions that can be taken to avoid those risks. Elder financial exploitation is a growing problem. By some estimates, losses related to elder financial exploitation run in the tens of billions of dollars. An aging U.S. population of individuals over 65 will contribute to the continued growth of this problem. According to Steven D'Alfonso, research director, IDC Financial Insights, "Regulatory pressure around this issue is increasing with new regulations from FINRA and guidance form the CFPB as well as individual state legislation." This document touches on what financial services firms should be doing now to address this important issue.

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