The NCUA and other federal agencies said Sept. 24 that reporting suspected elder financial abuse does not generally violate privacy law.
NCUA joins fellow agencies in issuing guidance under Gramm-Leach-Bliley that allows financial institutions to report suspected fraud against elderly.
One of the fastest growing types of fraud is elder financial abuse, which the Consumer Financial Protection Bureau tabs as a $2.9 billion annual problem.
Virginia men convicted of stealing $60,000 from Signal Financial FCU member in Maryland under the guise of repairs.
The Consumer Financial Protection Bureau said it has launched an investigation to learn more about the many ways in which older Americans are financially exploited.