Financial advisers who inform local, state or federal agencies that they suspect an elderly person is being cheated are not in violation of privacy protection in the Gramm-Leach-Bliley Act, according to joint guidance from major U.S. regulators. "Reporting suspected elder financial abuse to the appropriate authorities is typically the right thing to do and generally will not violate the Gramm-Leach-Bliley Act," said Richard Cordray, director of the Consumer Financial Protection Bureau.

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