What You Need To Know About the Financial Exploitation Prevention Act (FEPA)

The MBA was a member of the Attorney General Elder Abuse Task Force, Financial Exploitation subcommittee. This subcommittee worked for over 18 months to draft the FEPA which was passed in December 2020 (PA 344 of 2020) with an effective date of September 26, 2021. The MBA is currently working with the implementation committee to make sure that all stakeholders have the necessary documents for this act. This will include a best practice policy to help financial institutions decide whether to call Law Enforcement or Adult Protective Services (APS); a draft policy and procedures that all financial institutions can use in developing their own bank policy. We will continue to update this webpage as more information is attained. We will also post these changes in the weekly MBA Bank Beat.

View more information on the Public Act website here.

View the Summary of the Act.

Read the draft policy. This policy will be updated as implementation committee is working on a draft that can be used by all financial institutions. 

For more information pertaining to the Financial Prevention Act, contact Debbie Mitin, AVP, Trust Services at dmitin@mibankers.com.

Upcoming Events 

Financial Prevention Act - Protecting Seniors Webinar Series 
August 17-18 - 9am – noon EDT


Topics include:

 August 17 
Financial Exploitation Prevention Act 
Kelly Walters, Chief Risk Officer, General Counsel, First State Bank

Identifying Financial Exploitation 
Katharyn Barron, Attorney General’s Office, State of Michigan 

Practical Resources Bankers Can Access to Stem Elder Financial Exploitation
Kristin Judge, Cybercrime Support Network; Sam Kunjukunju, Senior Director, Bank Community Engagement, American Bankers Association

Federal Elder Justice Initiative
Mitra Jafary-Hariri, Assistant United States Attorney and Elder Justice Coordinator for the Eastern District of Michigan; Jennifer Murnahan, United States Attorney’s Office, Western District of Michigan; Special Agent Bryan Drake, FBI 

 August 18
Money $afety for Seniors
Ben Joergens | FINANCIAL EMPOWERMENT DIR, VP, Old National Bank

DIFS Office of Banking Update
David Merchant, Assistant Director – Office of Banking, Michigan Department of Insurance and Financial Services 

State Overview/Efforts
Cynthia Farrell, program manager for the Michigan Department of Health and Human Services' (MDHHS) Supportive Adult Services Section

Register Here

The Department of Justice is striving to combat financial crimes against older Americans.  Learn about prevalent financial scams so you can guard against them, and get involved in making your community safer.  If you need help, there is a Elder Abuse Resource Roadmap that can guide you to the right agency for your particular situation.

View the Banker Hall of Fame

Elder Abuse Resource Roadmap: Financial 
There are many types of financial harm, and it can be difficult to know what to do when this happens to you, or someone you know. 

Answer a few questions and the Resource Roadmap will help you quickly find the right reporting agency.

                                                               Resource Roadmap

Or read the Elder Abuse Resource Roadmap: Financial document.

Brought to you by the United States Department of Justice.

ABA Foundation: Safe Banking for Seniors Program
A free banker resource with key information on ways to strengthen cooperative efforts with law enforcement, as well as Adult Protective Services (APS).
                                        Protecting Seniors: Resource Guide

Get Involved
By recognizing financial exploitation and scams, older Americans may avoid becoming victims.

Preventing Elder Financial Abuse and Exploitation with Tellers

What the Government is Doing to Fight Back Against Scammers

Get Involved, Get Safe - Stop Financial Abuse
A series of presentations with guides and brochures to be used for community or professional presentations

MoneySmart 
A financial education program

Pass it On!
Share what you know to help protect someone you know from a scam

Triads
Work with sheriffs to make your community safer

Senior Medicare Patrol
Volunteer to show Medicare and Medicaid recipients how to protect against, detect, and report fraud

Brought to you by the United States Department of Justice.

More Resources

  • The AARP BankSafe Initiative
    • The BankSafe Initiative helps financial institutions better meet consumers’ financial needs and safeguard their assets. The initiative focuses on four key areas:Preventing financial exploitation
      • Empowering family caregivers
      • Helping those with dementia
      • Making banking tools and environments easier to access
  • Seeing, Saying and Doing Something About Elder Fraud - By Rob Nichols, President & CEO, American Bankers Association
  • Safe Banking for Seniors- A free national program, sponsored by the ABA Foundation, that provides bankers with the tools and resources necessary to help older adults, their families and caregivers prevent elder financial abuse and exploitation.  
  • Safe Banking for Seniors Toolkit - The ABA Foundation is your partner in helping to protect our nation's consumers. New resources have been added to help bankers like you educate your communities, including tip sheets on avoiding coronavirus scams, social security scams, IRS scams and more. And while in-person presentations may be on hold, we've also included social media templates to help you digitally engage your customers. 
  • Department of Attorney General Elder Abuse Official Website 
  • CFPB Releases Guide to Building Elder Fraud Prevention Networks. Access the resources. 
  • FDIC’s Consumer News Offers Tips on Avoiding Scams - The latest issue of the FDIC’s Consumer News publication provides security tips to avoid a variety of scams. The article recommends being suspicious about unexpected requests for personal information and to only respond to messages that are from known people and organizations "and even then be cautious if they look questionable." Other tips include being wary of email or websites that have typos or obvious mistakes and to remember that no government agency will demand payment gift card, wiring money or digital currency. Read more.

Related News Articles 

June 2021: Elder Adult Abuse Awareness Month Proclamation
WHEREAS, Michigan's older adults are valued members of our state, and it is our responsibility to ensure their safety and minimize crimes against them; and,
 
WHEREAS, one in ten older adults in the United States experiences abuse, neglect, and exploitation. Furthermore, crimes against older adults often go unnoticed and unreported, leaving victims without the help and support they need; and,
 
WHEREAS, all Michigan residents should watch for signs of abuse, such as physical trauma, withdrawal, depression, anxiety, and fear of family members, friends, or caregivers; and,
 
WHEREAS, efforts to identify, report, and investigate elder mistreatment are important to reduce harm to elder and vulnerable adults; and,
 
WHEREAS, during this month, I join with the Attorney General's Elder Abuse Task Force and the Michigan Department of Health and Human Services to raise awareness of elder and vulnerable adult abuse in Michigan and urge Michiganders to learn more about the signs of abuse  to protect those in need and decrease elder and vulnerable adult abuse in our state;
 
NOW, THEREFORE, I, Gretchen Whitmer, governor of Michigan, do hereby proclaim June 2021 as Elder and Vulnerable Adult Abuse Awareness Month in Michigan.