HARRISBURG, Pa. (12/13/13)--
Frank Serina, second from right, vice president of risk management and security services at Members 1st FCU, Mechanicsburg, Pa., represented credit unions Wednesday in testimony about combating financial abuse and exploitation of the elderly during a hearing of the Pennsylvania House Aging and Older Services Committee. (Photo provided by the Pennsylvania Credit Union Association)
A credit union representing the Pennsylvania Credit Union Association and the state's credit unions told a state House committee Wednesday what credit unions are doing to combat financial exploitation of the elderly.
Testifying before the state House Aging and Older Adult Services Committee was Frank Serina, vice president of risk and security services of Members 1st FCU, Mechanicsburg, said PCUA (Life is a Highway Dec. 12).
Among the areas he focused on were current credit union financial education efforts, training and reporting standards, and the concern about a training and reporting mandate. The committee is exploring legislation to battle the growing cases of elder abuse, neglect, exploitation and abandonment of older Pennsylvanians, said PCUA.
"In a collaborative effort, PCUA, Pennsylvania Bankers Association and Pennsylvania Association of Community Bankers are working with key policymakers to ensure that potential legislation does not increase regulatory burdens or costs for financial institutions to comply," said PCUA President/CEO Patrick Conway.
"Credit unions have been and continue to be trailblazers in financial education and targeting their efforts to protect their senior members. That's a story we're very proud to tell elected officials," Conway added.
Last month, the Credit Union National Association noted that credit unions from across the nation are working to combat financial elder abuse and exploitation. Their work includes training staff to identify and report abuse, instituting new programs to recognize irregular financial activity, and helping educate vulnerable members about avoiding fraud and theft (News Now Nov. 13).
The National Credit Union Administration has encouraged credit unions to ensure that staff are trained about potential signs that might trigger a report of elder abuse or financial exploitation.