Compliance: CFPB releases Elder Financial Exploitation report
The Consumer Financial Protection Bureau (CFPB) released a new Elder Financial Exploitation (EFE) report this month, based on data obtained from Suspicious Activity Reports (SARs) filed between 2013 and 2017.
The CFPB will conduct a webinar April 9 highlighting the findings of the report and providing facts, trends and patterns revealed in SARs filed by credit unions and other financial services providers.
Highlights of the report include:
- EFE SARs increased by more than four times in the 2013 to 2017 period, with a total of over 63,500 such SARs filed in 2017;
- Financial institutions reported $6 billion in actual and attempted losses;
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