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 firstname.lastname@example.org.
Financial Prevention Act - Protecting Seniors Webinar Series
August 17-18 - 9am – noon EDT
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
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
Cynthia Farrell, program manager for the Michigan Department of Health and Human Services' (MDHHS) Supportive Adult Services Section
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