Community Bankers Association of Illinois

Agencies File Final Elder Financial Exploitation Rule

The Department of Financial and Professional Regulation (IDFPR) and the Illinois Department on Aging (IDoA) have filed the final Elder Financial Exploitation Rule with the Secretary of State Index Division. As expected, the final rule requires current employees and officers of a financial institution who have direct contact with customers to complete training by February 1, 2012, and complete refresher training every three years thereafter. New employees (employees hired after August 1, 2011) will have six months to complete the training.

The complete and final rule can be found here.

As previously reported, the rule will implement Public Act 96-1103 which gives the agencies joint rulemaking authority to “develop minimum training standards which shall be used by financial institutions for their current and new employees with direct customer contact.” The act specified that IDFPR shall retain sole visitation and enforcement authority for this act and make bi-annual reports to the IDoA setting forth statistics of the required training program.

CBAI will notify members of acceptable and practical training programs when the information is made available from the regulatory agencies. Look for more information on these programs coming soon.

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