OCC Bulletin 2013-21| October 4, 2013
Privacy Laws and Reporting Financial Abuse of Older Adults: Interagency Guidance
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
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.
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.
Note for Community Banks
This guidance applies to all national banks and federal savings associations.
Please contact your supervisory office or Malloy Harris, Compliance Specialist, Compliance Policy, at (202) 649-5470.
Grovetta N. Gardineer
Deputy Comptroller for Compliance Policy