Many credit unions provide a full range of financial services, to their members, including seniors and their families, CUNA wrote to the Senate Special Committee on Aging Thursday. The committee scheduled a hearing on financial literacy challenges faced by older and disabled Americans, but it was postponed.
CUNA strongly supports efforts to help seniors avoid financial exploitation and to encourage responsible decisions regarding financial management.
“Credit unions also provide elder abuse information and additional resources to help consumers, including on the credit union’s websites and with account statements,” the letter reads. “The member-owner relationship means credit unions dedicate substantial resources to assist members in living healthy financial lives and are in a key position to assist regulators and law enforcement in the deterrence of scams targeting seniors.”
CUNA was heavily involved in and strongly supported the Senior Safe Act of 2018, which was enacted into law. The law provides reporting immunity under bank privacy laws and encourages education and training at financial institutions to recognize and appropriately deal with elder financial exploitation.