Financial Institutions and Markets (J)
This is a TIAG and TAGLaw "Joint" Specialty Group.
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Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA - TAGLaw)
The Federal Reserve, CFPB, FDIC, OCC, SEC, NCUA, FTC, and CFTC recently issued Interagency Guidance to clarify that banks and other financial institutions are generally free to report suspected exploitation of elderly customers to government authorities without violating federal privacy provisions of the Gramm-Leach-Bliley Act.
This guidance is good news to banks that were previously stuck between a rock and a hard place with respect to the tension, and sometimes conflict, between state and federal authorities. Nearly all states have passed legislation encouraging the reporting of suspected financial abuse of elderly, and some states, including Kansas, even require such reporting. Prior to the recent Interagency Guidance, many industry professionals had concerns that compliance with state and other federal voluntary and mandatory reporting laws would violate the privacy restrictions found in Gramm-Leach-Bliley and its regulations.