Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
With 523 shots beyond the arc @utahjazz and @MountainAmerica raise over $31k for @Huntsmancancer http://t.co/kyBqVrxjBu
12 hours ago
.@MazumaCU "We believe we owe our members a smile. That's going to be our goal every day." http://t.co/se7iSBcA63 #CUDifference
14 hours ago
.@GoBankingRates survey: #creditunions offer stronger interest rates, shutting out banks again! http://t.co/DvoQ50eI4s
15 hours ago
Prize-linked savings such as @SaveToWinMI noted by @FoxBusiness http://t.co/PF0TJANbLM
16 hours ago
My (Maine) kingdom for a 'Spokester'! http://t.co/1LQgrBvl91 #creditunion #newsnow #storytomorrow
16 hours ago