The NCUA and other federal agencies have teamed up to inform financial institutions that reporting suspected financial abuse of elder 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 this type of information under appropriate circumstances without complying 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 report elder abuse to third parties, according to the guidance, which is posted online.
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