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Financial regulators

Financial regulatory agencies establish and enforce laws and other rules that apply to financial products, institutions and individual providers on a state or federal level.

Financial regulatory agencies may:

  • Investigate reports of wrongdoing including fraud, identity theft, scams, and exploitation
  • Revoke or restrict professional licenses or registrations of financial service providers
  • Fine companies or individuals violating the law
  • Have access to SARs filed with the U.S. Treasury
  • Encourage financial institutions to engage in activities to protect older account holders from financial exploitation

Inviting financial regulators to your meetings can also encourage the engagement of financial service providers.

How they can contribute to working groups

Case review and resolution

Financial regulators can:

  • Refer cases to law enforcement for criminal prosecution
  • Encourage financial institutions and others to train staff to recognize and report elder financial exploitation pursuant to federal or state laws
  • Share trends with other stakeholders to inform decision-making

Community education and outreach

Regulatory staff:

  • Can introduce network leadership to representatives from other state or national agencies
  • Can invite network leadership to attend local, regional, or national conferences and events
  • May conduct training on Money Smart for Older Adults and other community education programs

Cross-training

Financial regulators can:

  • Train network members on the regulatory agency’s role in fighting elder financial exploitation
  • Offer consumer resources and educational programs on elder fraud
  • Share information about their work and resources at network and stakeholder events

Potential challenges

Regulators may not have the staffing to attend regular meetings or may not have a local presence.

Types of contacts to include in your network

State level

  • State banking regulators
  • State credit union regulators
  • State securities regulators
  • State consumer protection offices
  • Contractor state licensing boards (home improvement or construction fraud)
  • State insurance regulators

Federal level

  • Department of the Treasury, Financial Crimes Enforcement Network (FinCEN)
  • National Credit Union Administration (NCUA)
  • Federal Reserve
  • Office of the Comptroller of Currency (OCC)
  • Consumer Financial Protection Bureau (CFPB)
  • Securities and Exchange Commission (SEC)
  • Commodity Futures Trading Commission (CFTC)

Self-regulatory

  • Financial Industry Regulatory Authority (FINRA)
  • National Futures Association (NFA)