MARLBOROUGH, Mass.–The Cooperative Credit Union Association is partnering with EverFi on a new program aimed at protecting the elderly from financial abuse.
Called Credit Union Senior Safeguard, the program will provide education through “innovative and scalable digital learning” and will be CCUA’s first major step to “combat this growing concern.”
Credit Union Senior Safeguard will come in two phases: a frontline staff education and certification training program and a major consumer education effort. The Association said it has set a goal of having the frontline staff of 100% of its member credit unions complete the training and earn the certification, and has worked closely with its state regulators and federal and state lawmakers on finding ways to combat elder financial abuse.
The CCUA said that in a national survey conducted last year, the data showed that more than two-thirds of familial caretakers reported that their elderly relatives were once a target of a fraud or scam, with 28% of the elderly actually being the victim of a scam. The data went on to show that only 4% of elders have taken a financial literacy course over the last five years and that 39% of Americans report that their elders are “not at all” or only “somewhat” financially literate, the CCUA reported.
“The numbers are alarming and speak loudly,” said CCUA President/CEO Paul Gentile. “We have to take action to educate ourselves and the staff who work in the branches of our member credit unions to recognize the signs of elder financial abuse and know what to do in response to it. We also recognized the need to educate consumers as well. Education leads to better prevention and our Credit Union Senior Safeguard program is being designed to facilitate that effort.”
The CCUA said it will be providing the online interactive staff training certification program to all of its member credit unions at no cost. The Association will be hosting a webinar on Credit Union Senior Safeguard on April 3.
The CCUA represents credit unions in Massachusetts, New Hampshire, Rhode Island and Delaware.