HENDERSON, Nev. — Tighter regulation on reporting of financial abuse of the elderly is in the offing for banks and credit unions and that means fines, a California law enforcement executive warned a CU volunteer group here.
Addressing the annual Western States Volunteers Conference, Paul Greenwood, deputy district attorney of San Diego County and head of its Elder Abuse Prosecution Unit, said "exploitation of the elderly is becoming rampant" and banks and CUs need to do a far better job of reporting suspected cases.
"I've been dealing with a case right now involving a San Diego bank that was lax in letting one of its elderly customers count out $100 bills from a $5,000 account and pass them to a waiting crook posing as a bank manager right outside the branch," said Greenwood citing a new reporting law enacted Jan. 1 in California. He declined to name the bank.
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