WASHINGTON—Issues and concerns around elder abuse were discussed by NAFCU's Ann Kossachev and Kaley Schafer during a meeting with the Bureau of Consumer Financial Protection's Office of Older Americans.
The meeting included discussion around training requirements contained in S. 2155.
Section 303 of S. 2155 (the Economic Growth, Regulatory Relief, and Consumer Protection Act), which carves out immunity from a civil or administrative proceeding for individuals who disclose suspected exploitation of a senior citizen to certain entities if specific conditions are met, including receiving training. It also provides content requirements for training, but NAFCU said it believes regulatory guidance will likely be needed.
Kossachev and Schafer, NAFCU's senior regulatory affairs counsel and regulatory affairs counsel, respectively, met with Bureau representatives to discuss resources currently available to credit unions to help them train staff on elder abuse issues, as well as efforts by the Bureau to provide more guidance.
In addition, last week’s Credit Union Advisory Council (CUAC) meeting included a roundtable discussion with members from the Consumer Advisory Board and Community Bank Advisory Council and bureau staff on utilizing technology to prevent and respond to elder financial abuse.