CUNA Comments on CFPB Senior Financial Exploitation Request
On August 20, Credit Union National Association (CUNA) submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) on its request for information on senior financial exploitation. In the comment letter, CUNA supports efforts by the CFPB to help seniors avoid financial exploitation and to encourage responsible decisions regarding financial management. Credit unions offer a broad range of financial services to meet the needs of all consumers, including for seniors and their families. Credit union employees are often on the front line to assist in detecting and preventing financial fraud and exploitation of their senior members. The CFPB was encouraged to coordinate efforts to minimize compliance burdens on credit unions.