CUNA reiterated its support of legislation that would help encourage more reporting of suspected elder financial abuse by those most likely to notice it in a letter to the Senate Banking subcommittee on economic policy Wednesday. CUNA noted its support of the Senior$afe Act of 2017 (S. 223) in a letter for the record of a hearing on the state of retirement security.
“While credit unions and other financial institutions already report suspected financial abuse of seniors, in certain circumstances, in many cases privacy laws or concerns about potential litigation make it difficult, or even impossible, for employees to notify authorities when exploitation is suspected. This legislation would be instrumental in providing even more opportunity for credit unions and other financial institutions to protect seniors,” the letter reads. “It is common-sense legislation that would allow for enhanced safety measures for some of our most vulnerable seniors.”
Specifically, S. 223 would provide protections for properly trained financial employees who disclose concerns about financial exploitation of senior citizens to the appropriate authorities.
The bill was introduced by Sen. Susan Collins (R-Maine) earlier this year. While introducing the bill, Collins cited the story of one Maine credit union as an example of how credit unions can be on the front lines of preventing elder financial abuse.