Community Bankers Association of Illinois

CBAI opposes proposed rule on financial exploitation training mandates

February 16, 2011- - -The Community Bankers Association of Illinois ("CBAI") submitted a comment letter today in response to a new rule jointly proposed by the Illinois Department on Aging and the Illinois Department of Financial & Professional Regulation. While the rule is supposed to implement a statutory requirement that those agencies develop minimum training standards for bank employees who have direct contact with older customers who may be victims of financial exploitation, the rule includes references suggesting that banks and bank employees would become mandatory reporters, which was not called for by the statute. CBAI also expressed other concerns with certain definitions or other areas where the proposed rule was unrealistic or unworkable in CBAI's opinion.

"The legislation already on the books is clear that minimum training standards are going to be developed, and CBAI has no quarrel with that," said CBAI General Counsel Jerry Cavanaugh. "Nor do we believe that community banks would intentionally accommodate financial exploitation of seniors. But the proposed rule includes compliance mandates that are not in the law and has other defects that will make compliance difficult or at least uncertain, and CBAI wants to see a rule that stays within the boundaries of the statute and that allows for reasonably simple compliance."

To read CBAI's comment letter, click here.
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