Banks and Other Financial Institutions: New Standards for Protecting Elders from Financial Exploitation
CLIFTON N. MILLER and ERICA R. MARINO- This Client Alert applies to banks and other financial institutions and addresses recent additions to regulations protecting elders and vulnerable adults from financial exploitation. Effective July 1, 2017, financial institutions may now refuse to provide certain services if they have a reasonable suspicion of financial exploitation with regards to elderly or vulnerable adults.