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News Now

CU System
Minn. AG presses for senior financial protection
ST. PAUL, Minn. (1/16/14)--During a Tuesday meeting with credit unions, Minnesota Attorney General Lori Swanson commended them for their work to prevent senior fraud--an area that her office is monitoring statewide.
 
From left, Mara Humphrey, vice president of governmental affairs, Minnesota Credit Union Network (MnCUN); Minnesota Attorney General Lori Swanson; and Mark Cummins, president/CEO, MnCUN, at the Archer Doig Chapter meeting Tuesday in St. Paul.
"Seniors are often targeted because they have some money, but not a lot of money," Swanson told the meeting of the Archer Doig Chapter of the Minnesota Credit Union Network (MnCUN).
 
"Many credit union employees have acted as good stewards when assisting senior members with suspicious financial activities--such as wire transfers--and have helped report fraud to my office," she said.
 
"Attorney General Swanson has a critical role in helping to protect Minnesota consumers--a mission that credit unions share," said Mark Cummins, MnCUN president/CEO, adding that the league will continue to work with her office on consumer protection and regulatory matters.
 
Swanson also is monitoring the practice of selling trusts to avoid probate or selling annuities and insurance products that are not appropriate for an elderly person. Also, her office is on the lookout for instances of where a senior is induced to act because they are concerned for their physical safety.


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