Banks, credit unions required to report financial exploitation committed against vulnerable customers
:strip_exif(true):strip_icc(true):no_upscale(true):quality(65)/cloudfront-us-east-1.images.arcpublishing.com/gmg/CVLDEN4JCNGSPM4KVQFKZZLXME.jpg "New protections under Financial Exploitation Prevention Act become law Sunday")
DETROIT – New protections under the Financial Exploitation Prevention Act go into effect Sunday.
The act requires banks and credit unions in Michigan to report financial exploitation committed against vulnerable customers.
That includes people with mental or physical impairments and seniors.
The measure also allows financial institutions to freeze customer transactions under certain circumstances.
It was created with the help of Michigan Attorney General Dana Nessel’s Elder Abuse Task Force.
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