CUNA, CUs, CFPB discuss financial elder abuse

July 28, 2015

WASHINGTON (7/28/15)--CUNA advocacy staff participated in a conference call Monday with the Consumer Financial Protection Bureau (CFPB) and members of CUNA’s Consumer Protection Subcommittee on ways to combat elder financial abuse.

The call included discussions on ways credit unions and the bureau can curb abusive practices targeted at elderly members.

CFPB officials reached out to CUNA and credit unions seeking information on their experiences with elder financial abuse.

“CUNA appreciates the CFPB reaching out on this issue as it is a very important one for credit unions,” said Elizabeth Eurgubian, CUNA’s deputy chief advocacy officer. “We look forward to working with the CFPB in the future to educate them on how credit unions address these issues with their members.”

CFPB Director Richard Cordray spoke at the White House Conference on aging July 13 and said the bureau will release an advisory to financial institutions later this year on combating elder financial abuse.