Rules
to Protect Seniors from Financial Exploitation Adopted
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[August 16, 2011]
SPRINGFIELD –
July 28, 2011. State regulations designed to protect elders from
financial exploitation took effect earlier today. They were approved
by the Joint Committee on Administrative Rules on July 12. The
regulations are needed to implement legislation signed last summer
by Governor Quinn that required the Illinois Department on Aging (IDoA)
and Illinois Department of Financial and Professional Regulation (IDFPR)
to develop training standards to be used by employees of financial
institutions who have direct contact with customers.
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“Financial predators aim to manipulate financially vulnerable
seniors as well as the financial institutions that hold seniors’
life savings,” said Brent E. Adams, Secretary of Financial and
Professional Regulation. “These new regulations recognize that
preventing financial exploitation of seniors is best done as team
effort involving both state regulators and the financial industry.”
Warning signs that a senior may be a victim of financial
exploitation include: sudden changes in bank accounts or banking
practices; the inclusion of additional names on a senior’s bank
signature card; the unauthorized withdrawal of the victim’s funds
using the victim’s ATM or credit card; and abrupt changes in a will
or other financial documents.
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“July is Elder Abuse Awareness and Prevention Month in Illinois. I
can’t think of a better time to kick off efforts that will train
employees of financial institutions to identify and report elder
financial abuse,” said Charles D. Johnson, Director of the
Department on Aging. “Financial exploitation is the most common
reported type of elder abuse. These new regulations will strengthen
the state’s awareness and prevention efforts.”
Under the new rules, employees of financial institutions will be
trained to identify the indicators of financial exploitation, as
well as how to report exploitation. The law also gives financial
institutions across the state new tools for identifying and
reporting financial exploitation of older adults. Compliance with
the training standards will become part of IDFPR’s examination
checklist. IDFPR will share its compliance report with IDoA twice a
year.
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In fiscal year 2010 the state received 5,953 reports of suspected
elder financial abuse and exploitation which accounts for 58 percent
of all reported cases of abuse against elders. Although financial
exploitation is the type of abuse most frequently reported, only 3
percent of those cases were reported by banks and other financial
institutions. This important new law will help employees of
financial institutions to identify and report elder financial abuse
where it often happens.
Earlier this month, the Governor Quinn proclaimed July as Elder
Abuse Awareness and Prevention Month in Illinois. The month-long
campaign encourages people to “Break the Silence” and report
suspected incidents of elder abuse. For more information about the
campaign, log on to
http://www.state.il.us/aging/1abuselegal/abuselegal-main.htm.
[Text from file received]
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