NEWS: The Wisconsin Elder Justice Coalition has just released a free online training program to help credit union staff fight elder financial exploitation. Safeguarding Seniors: A Guide for Financial Institutions teaches participants how to recognize and respond to financial abuse of older credit union members.
The three-hour, self-paced course is designed to equip staff from credit unions and banks with essential knowledge and skills to recognize and report financial abuse in later life. Participants will learn to describe various forms of financial abuse, identify risk factors and potential signs, and understand the appropriate channels for reporting suspected cases.
Training important for immunity from liability
The federal Senior Safe Act grants immunity from liability – in both civil lawsuits and administrative proceedings – to credit unions and certain employees if they report elder financial abuse to a regulatory or law-enforcement agency. However, to qualify for immunity, the individual making the report must have received proper training. Programs like Safeguarding Seniors: A Guide for Financial Institutions can help your credit union satisfy that training prerequisite.
For information on elder financial abuse, and the state and federal laws for reporting it to authorities or reaching out to a member’s trusted contacts, please see The League’s ii Release No. 0174.
Also, as explained in this December 2024 Compliance Courier, the NCUA and other federal banking regulators and state regulators, recently issued a statement to help credit unions and other financial institutions fight elder financial exploitation. The statement gives examples of risk management and other practices that your credit union can use to help identify, prevent, and respond to elder financial exploitation, along with a list of helpful resources.
Background on the training program
This training program was adapted with permission from the Department of Financial Institutions (DFI) to support staff at Wisconsin’s banks and credit unions specifically. For those working in financial planning, the original version of the training remains available through the North American Securities Administrators Association (NASAA) website.
Development of the program was supported by a grant from the U.S. Department of Justice, Office of Justice Programs, Office for Victims of Crime.
If you need guidance or have questions about the program, please contact Debra Leis, Program Specialist, Elder Justice Coalition, via email or (920) 465-2469.
The League is a member of Wisconsin’s Elder Justice Coalition. It collaborates with leading state agencies, statewide organizations, and non-governmental agencies to bridge gaps in coordination of needed services, to raise public awareness and to advocate for elder justice in Wisconsin.