Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
NEW: NCUA, Fed Agencies Release Elder Abuse Prevention Guidance
WASHINGTON (9/24/13, UPDATED: 12:35 P.M. ET)--The National Credit Union Administration today joined six other federal financial regulators to clarify that financial institutions may report suspected elder financial abuse to appropriate authorities.

This reporting authority is provided under the Gramm-Leach-Bliley Act, the agencies said in a release. The NCUA and others emphasized that financial institution employees can report suspected irregular transactions, account activity, or other behavior that signals financial abuse. Suspected elder financial abuse may be reported to local, state or federal agencies, they said.

"Older adults can be attractive targets for financial exploitation and may be taken advantage of by scam artists, financial advisors, family members, caregivers, or home repair contractors," and recent studies have shown that a small number of financial abuse acts are in fact reported, the agencies noted.

The Federal Reserve, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Federal Trade Commission, Office of the Comptroller of the Currency and the Commodity Futures Trading Commission joined the NCUA in issuing guidance.

For more, see Wednesday's News Now.
Other Resources

NCUA Release
RSS





print
News Now LiveWire
#BREAKING: @federalreserve offers few new hints on rate-hike timing in policy statement http://t.co/lgZ6zZ1Vrr
49 minutes ago
.@CUNA has posted free, recorded version of its 60-minute Jan. 26 #RBC2 webinar online. http://t.co/jiVPASGQ4C
1 hour ago
April 27 is comment deadline on @TheNCUA's #RBC2 proposal. See @FederalRegister http://t.co/8MkQNTc2rh
1 hour ago
Delaware #CU growth noted in @DeBusinessTimes http://t.co/b11eaQo4CT
2 hours ago
Data security legislation among FTC recommendations #NewsNow http://t.co/2pS3Te1RPS
3 hours ago