League InfoSight Highlight: Credit Unions: Leading the Charge Against Elder Financial Exploitation
By Mary Ann Koelzer, Senior Technology Products Manager, League InfoSight
Multiple agencies, including the Consumer Financial Protection Bureau and National Credit Union Administration, have encouraged credit unions to permit members to add a Trusted Contact Person to their account. This additional layer of defense can significantly mitigate the risk of financial fraud for elderly and vulnerable members.
InfoSight offers a comprehensive Trusted Contact Person Toolkit to help credit unions combat elder financial exploitation. The Toolkit contains:
- Trusted Contact Information and Authorization form
- Model policy
- Model procedures
- Model script
- Frequently asked questions
Credit unions can access this information directly from the dashboard or by accessing the Security channel and choosing the Elder and/or Vulnerable Adult Protections topic.
CU PolicyPro also provides additional information and resources to help credit unions establish and maintain an effective program to protect elder and vulnerable members from financial abuse.
- Policy 2245: Elder and/or Vulnerable Adult Protections
- 2245.10: Trusted Contact Model Procedures
- 2245.11: Trusted Contact Model Script
