CFPB Issues Update to 2016 Advisory on Elder Financial Abuse
Recommendations for banks and credit unions when dealing with exploitation issues.
The recent update from the Consumer Financial Protection Bureau includes their expectations for financial institutions regarding the prevention, recognition, reporting and responding to financial exploitation of elder Americans. This white paper reviews what the update included and the importance of staying on top of elder financial abuse prevention.
John L. Culhane Jr. is a partner in the Philadelphia office of Ballard Spahr LLP. He is known for his work advising on interstate direct and indirect consumer and residential mortgage loan and leasing programs, through both traditional brick-and-mortar facilities and e-commerce. Before joining Ballard Spahr, John was associate counsel with Mellon Bank, N.A.; associate counsel with Bank of America NT&SA; and senior attorney (section chief) with the National Credit Union Administration, the federal agency regulating federal credit unions. John addresses issues involving licensing, advertising and marketing, application processing, privacy, disclosure, pricing, substantive terms, servicing, collection, portfolio sales, and securitization. His regulatory practice includes preparing clients for banking agency and CFPB compliance examinations and assisting in the defense of attorney general investigations and banking agency and CFPB enforcement actions. His clients have ranged from a multibillion-dollar bank holding company, to one of the nation's largest residential mortgage lenders, to a leading provider of financial institution forms and documentation. John is a member of the firm's Fair Lending Team.
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