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Protect Your Elderly Clients and Your Organization

by Mallory O'Sullivan | Jul 12, 2018
Important Tax and Accounting Topics from WebCE

Details on the new Economic Growth, Regulatory Relief, and Consumer Protection Act

As the senior population in America grows, the number of elder financial abuse cases is also expected to rise. Despite increased awareness, elder financial abuse is a serious problem, but financial services professionals can help prevent this type of abuse simply by being more aware of the issue. Knowing what constitutes elder financial abuse, recognizing the risk factors, and implementing preventative strategies can do a great deal to decrease the number of elder financial abuse cases and their consequences.

The new Economic Growth, Regulatory Relief, and Consumer Protection Act creates new safeguards for financial institutions and encourages reporting of suspected financial abuse or exploitation. The law was signed into effect on May 24, 2018 and provides immunity from liability for a financial institution and its representative if a report of suspected financial abuse of a senior citizen is made in good faith and the representative has received training on the issue of elder financial abuse. This law applies to credit unions, depository institutions, investment advisers, broker-dealers, insurance companies, insurance agencies, transfer agencies and more.

For financial institutions, training on elder financial abuse is a key component of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Immunity is only available if a company provides training on elder financial abuse and if the representative who reports suspected financial abuse has received the training. It is critical for financial institutions to increase their elder financial abuse training so they can recognize and report suspected cases with the protections of the new law.  

WebCE® offers a comprehensive course on the subject, titled Elder Financial Abuse, and our corporate sales team can design a custom training program to meet your organization’s needs. You can also provide your own custom content and we will create an elder financial abuse training program that includes your material. For more information on how WebCE can meet your unique training needs, contact our corporate sales team at 877-488-9322 or via email at [email protected].


Additional Resources:

The Economic Growth, Regulatory Relief, and Consumer Protection Act

A Summary of the Act


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