March 30, 2016
The CFPB recently issued an Advisory regarding elder financial exploitation titled “Advisory for financial institutions on preventing and responding to elder financial exploitation”. This is an area credit unions often struggle with. Is what you are seeing really exploitation? Should you contact someone? Does it violate privacy laws to speak to someone about the issue? It is an area where we are in a perfect position to help out a member and we do want to help, but we aren’t always sure how to go about it. So, any guidance about how to approach this tricky issue is welcome news.
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