OCC Bulletin 2013-21 | October 4, 2013

Privacy Laws and Reporting Financial Abuse of Older Adults: Interagency Guidance

To

Chief Executive Officers and Compliance Officers of National Banks, Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties

Summary

The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Federal Trade Commission, National Credit Union Administration, and Securities and Exchange Commission have jointly issued the attached guidance to financial institutions. The guidance clarifies the applicability of privacy provisions of the Gramm-Leach-Bliley Act (GLBA) to reporting financial exploitation of older adults.

Highlights

This guidance clarifies that reporting suspected financial abuse of older adults to appropriate local, state, or federal agencies does not, in general, violate the privacy provisions of the GLBA or its implementing regulations.