Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA, Fed Agencies Unite On Elder Abuse Prevention, Guidance
ALEXANDRIA, Va. (9/25/13)--National Credit Union Administration Chairman Debbie Matz in a letter to credit unions (13-CU-08) strongly encouraged them to ensure their staff members are "trained on the potential signs that might trigger a report of elder abuse or financial exploitation."

"Elder abuse involves the illegal or improper use of an older adult's funds, property or assets. Older adults can become targets of financial exploitation by family members, caregivers, financial advisors, home repair contractors, and scam artists. If you or your staff know the older adults in your membership, you may be able to spot irregular behavior or account activity," Matz wrote.

She also urged credit unions to review their own policies and procedures "to ensure they are consistent with state law and the interagency guidance regarding reporting requirements when a financial institution suspects elder abuse or financial exploitation."

The letter follows Tuesday's release of joint federal financial regulatory guidance which clarifies 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 advisers, 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 Corp., Federal Trade Commission, Office of the Comptroller of the Currency and the Commodity Futures Trading Commission joined the NCUA in issuing guidance.

The NCUA on Tuesday also released new financial literacy resources page on their website.

For the letter to credit unions, the joint agency guidance, and the NCUA financial literacy resources, use the resource links.
RSS print
News Now LiveWire
.@SenatorBegich says @TheNCUA risk-based cap. plan attempts 2 solve problem that does not exist, at expense of those served by CUs. Watch NN
8 minutes ago
Target wants stay of discovery in class action suits in data security breach; plaintiffs disagree that it's needed http://t.co/GHqz2S4u5g
27 minutes ago
New HUD Sec'y Julian Castro gets warm send-off from San Antonio's @alamofcu MT Thanks for all the hard work. http://t.co/peb8x4GSRq
52 minutes ago
.@CUANYtweets initiates call to action to Gov. Cuomo to sign state-chartered #creditunion FOM bill
1 hours ago
.@MountainAmerica #creditunion CEO helps TV audience understand credit scores #NewsNow http://t.co/makbsIIdzn
1 hours ago