FEAR ACT

It is the Financial Elder Abuse Reporting (FEAR) Act. It became effective on January 1, 2007. It requires a financial institution employee to report suspected financial abuse of an elder or dependent adult who is a California resident.

Here’s the kicker: Even though it is a California law and it protects California residents, if you have accountholders that live in California, no matter where your offices are, your employees will have to comply! It also applies to non-accountholders!

It impacts all of your employees, even those in the back-office! You must develop a compliance plan, implement policies and procedures, and make sure you train your employees thoroughly.

Otherwise you risk negative publicity and a civil money penalty of $1,000 for each violation, which goes up to $5,000 for a willful violation!

Compliance Coach has already developed a training program specifically covering the California law for its customers, over seven (7) month’s prior to the compliance deadline! This training program can be customized for each financial institution with just a few clicks!

This law will spawn others. In fact, several other states have already enacted similar laws. Compliance Coach has it covered!

This is just an example of the many ways we keep our customers ahead of the curve and why our compliance training program, Regulatory University, is recognized as the industry’s highest quality, most effective solution.

It comes with over 125 courses (covering key federal and state laws), that are highly interactive, plain language and job specific. Plus, streaming presentations on new and upcoming laws, and emerging risk issues from top experts (complimentary!). Also, complete customization, and a powerful learning management system with detailed reporting, and a host of tools!

Hundreds of financial institutions of all sizes are leveraging Compliance Coach to reduce risk and improve performance. Shouldn’t you? Take a 60 second tour of Regulatory University, the industry’s premier compliance training solution now! Or call us at 866-355-5150!