The NCUA and other federal agencies have teamed up to informfinancial institutions that reporting suspected financial abuse ofelder Americans does not generally violate privacy law.

“Specific privacy provisions of the Gramm-Leach-Bliley Act(GLBA) and its implementing regulations permit the sharing of thistype of information under appropriate circumstances withoutcomplying with notice and opt-out requirements,” said the“Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults” issued Tuesday.

Three parts of the act allow financial institutions to reportelder abuse to third parties, according to the guidance, which ispostedonline.

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