WASHINGTON—NAFCU's Ann Kossachev and Kaley Schafer met with NCUA to discuss the agency's efforts to implement a provision of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) related to preventing elder abuse.
The provision 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 has noted that regulatory guidance will likely be needed.
Kossachev and Schafer, NAFCU's senior regulatory affairs counsel, have also met with the Bureau of Consumer Financial Protection's Office of Older Americans 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 on the S. 2155 requirements.
The association said it is engaged with the NCUA, the BCFP and other agencies, including the Financial Crimes Enforcement Network (FinCEN), Department of Justice and Federal Trade Commission, as they work to reduce elder fraud and abuse.