Elder Financial Exploitation Training
Posted: Jun 17, 2021 | Author:
June 15 was designated as “World Elder Abuse Awareness Day” back in 2006, and in 2018 Congress provided the first federal definition of “financial exploitation of senior citizens” when it passed the “Immunity From Suit for Disclosures of Financial Exploitation of Senior Citizens” law.
Credit unions and employees are provided with immunity from civil or administrative proceedings for the disclosure of suspected exploitation of a senior citizen if they have adequate training, which should:
- Instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities, including common signs that indicate the financial exploitation of a senior citizen;
- Discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution; and
- Be appropriate to the job responsibilities of the individual attending the training.
Credit Unions should also review state law requirements.
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