In Louisiana, everyone is a mandatory reporter of elder abuse. That means that if you have cause to believe that a senior is being abused or financially exploited, you have to report it. And if you don’t, you could go to jail.
But some banks, investment advisors and insurance companies mistakenly believe that federal financial privacy laws (Dodd-Frank Act) prevents them from reporting elder abuse or exploitation. However, a new federal law has recently clarified the issue: banks, investment advisors, insurance companies and other financial institutions are now immune from all liability for reporting suspected elder abuse and exploitation. But, in order to get this immunity, the institution must complete the proper training.
*Please refer to the links below for full details*
Federal law, the Senior Safe Act of 2017:
Louisiana has a similar law, the Louisiana Protection of Vulnerable Adults for Financial Exploitation Law:
FINRA has adopted similar regulations. See links below.
The Louisiana Adult Protective Services Act can be found here:
Abuse reporting forms can be found here:
“Adult Protective Services Form” and “Elderly Protective Services Form”
Interagency Guidance on Privacy Laws and Reporting Financial Abuse of Older Adults can be found here:
June 2018 SEC report on FINANCIAL EXPLOITATION can be found here: