U.S. Elder Financial Exploitation Compliance
This IDC Perspective looks at new regulations around financial exploitation under FINRA and guidance issued by the CFPB, the key risks, and actions that can be taken to avoid the 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 age 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 from the CFPB. This document touches on what financial services firms should be doing now to address this important issue."
Please Note: Extended description available upon request.
- Executive Snapshot
- Situation Overview
- Regulatory Pressure
- FINRA Rules
- CFPB Guidance
- SEC and FINRA Exam Priorities
- Key Risks and Considerations
- FINRA Members
- Banks and Credit Unions Under CFPB
- Advice for the Technology Buyer
- Develop a Vulnerable Adult Financial Exploitation Policy and Strategy
- Identify Appropriate Analytical Tools
- Implement a Training Program
- Learn More
- Related Research
- Synopsis
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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