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].
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Additional Resources:
The
Economic Growth, Regulatory Relief, and Consumer Protection Act
A
Summary of the Act
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