Q: Does Wisconsin have an Elder Abuse Reporting System?

A: Yes. WBA is aware of the increasing fraud and financial abuse perpetrated against elder members of Wisconsin communities. Financial institutions have the ability to report this abuse to local agencies when they have entered into a memorandum of understanding. When complying with this state requirement, banks will not be in violation of Regulation P or other federal laws when sharing information with local elder-adult-at-risk agencies (agencies).

Wisconsin Statute Section 46.90 indicates that records shall be released without informed consent [of the elder at risk] in either of the following circumstances: to an agency or other investigative agency under this section or as directed under a lawful court order. Consequently, financial institutions must release financial records to the investigative agency as directed. The law further permits the financial record holder to release financial record information by initiating contact with the elder-adult at risk agency or other investigative agency without first receiving a request for release of the information from the agency.

Agencies must enter into a memorandum of understanding regarding elder abuse reporting systems. Such memorandum of understanding is entered into with local county departments, but also private financial institutions. Prior to releasing any information bank should be certain that it has entered into a memorandum of understanding with the county agency that bank would be contacting.