Back2Basics: Elder Financial Exploitation

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Question 1 of 10

1. Question

1. Pursuant to Regulation P, how should institutions share customers’ personal identifying information when reporting a suspected elder financial exploitation incident to appropriate authorities?

A. Disclose broadly to speed recovery, then document later.
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B. Disclose only after getting written consumer consent in every case.
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C. Identify and document the specific exception or authority relied on, limit disclosure to what is necessary, and record what was shared, to whom, when, and why.
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D. Disclose only to other bank departments, never to third parties.
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Question 2 of 10

2. Question
1. True or False: Regulation P prohibits a financial institution from reporting suspected elder financial exploitation to law enforcement.
A. True
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B. False
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Question 3 of 10

3. Question
1. The Senior Safe Act’s liability protections most directly depend on which operational factor?
A. Whether the customer’s account has overdraft protection.
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B. Whether the disclosures to third parties are made in good faith and required training and process conditions are met.
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C. Whether the bank files a SAR within 24 hours.
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D. Whether the customer previously opted in to marketing communication.
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Question 4 of 10

4. Question
1. If a product implicates a credit decision, which policy approach creates the clearest ECOA and Regulation B concern in an elder financial exploitation program?
A. Using customer-specific risk indicators to determine when to apply extra controls.
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B. Offering a trusted contact field as a standard option for all customers.
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C. Applying heightened controls only to customers overs a certain age, regardless of individualized risk indicators.
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D. Escalating higher risk activity for supervisor review based on documented facts.
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Question 5 of 10

5. Question
1. Which statement best reflects how state laws typically affect elder financial exploitation reporting?
A. State laws are uniform nationwide, so one national procedure is enough.
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B. States may differ on mandatory versus optional reporting and may direct reports to APS, law enforcement, or both.
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C. State reporting never applies to financial institutions.
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D. State reporting only applies when the bank has confirmed exploitation beyond reasonable doubt.
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Question 6 of 10

6. Question
1. True or False: BSA SAR decisioning and state law reporting to APS or law enforcement are mutually exclusive, so a bank must choose only one.
A. True
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B. False
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Question 7 of 10

7. Question
1. When documenting a potential elder financial exploitation event, which approach best supports consistent escalation and later reporting?
A. Record a conclusion that exploitation occurred and omit transaction details to protect privacy.
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B. Capture observable facts, note departures from baseline behavior, and preserve transaction details.
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C. Focus only on the customer’s age and medical condition.
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D. Wait until law enforcement requests records.
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Question 8 of 10

8. Question
1. Which statement best reflects how apparent authority interacts with exploitation risk?
A. Joint ownership or facially valid power of attorney always eliminates exploitation concerns.
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B. Joint ownership or facially valid power of attorney documentation can permit transactions while exploitation concerns remain plausible.
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C. A power of attorney cannot be used for banking transactions.
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D. Authority review is unnecessary if the customer appears calm.
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Question 9 of 10

9. Question
1. In a potential elder financial exploitation scenario, what most directly determines whether a bank may place a hold or delay a transaction?
A. Federal law provides a single universal hold authority for all banks.
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B. State law requirements and bank policy, including defined approvals, time limits, documentation prompts, and escalation triggers.
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C. The customer’s age alone.
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D. Whether the customer has a trusted contact on file.
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Question 10 of 10

10. Question
1. Which channel commonly presents low reversibility risk in scam scenarios, requiring rapid escalation and time sensitive decisioning:
A. Cash withdrawal or virtual asset conversion.
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B. A stop payment on an uncashed check.
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C. A debit card chargeback for a posted card purchase.
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D. A routine internal transfer between the customer’s own accounts.
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