Credit Unions Expected to Help Mitigate Elder Financial Abuse
In a recent compliance blog, NAFCU issued: “When members of any age lose the capability to manage their finances, they are more susceptible to scams or fraud schemes or to be exploited by friends or family members. Elder members are probably the most susceptible portion of your membership during these challenging times because of their diminished financial capacity. They may also have some medical conditions such as Alzheimer’s or dementia, have trouble paying their bills or remembering balances, etc.”
This bulletin goes on to list six practices credit unions should be following to reduce elder financial abuse. Policies need to be in place to assure every credit union mitigates as much as possible fraud and abuse of members.
TCT’s Regulatory Compliance and Policy Writing Services helps credit unions (especially small credit unions) remain regulatory compliant and keep their policies relevant.