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NAFCU's Ann Kossachev and Kaley Schafer on Thursday met with the Bureau of Consumer Financial Protection's (previously the CFPB) Office of Older Americans to discuss credit unions' elder abuse concerns, including those related to training requirements contained in S. 2155.

Section 303 of S. 2155 (the Economic Growth, Regulatory Relief, and Consumer Protection Act) carves out immunity from a civil or administrative proceeding for individuals who disclose suspected exploitation of a senior citizen to certain entities if specific conditions are met, including receiving training. It also provides content requirements for training, but NAFCU has noted that regulatory guidance will likely be needed.

Kossachev and Schafer, NAFCU's senior regulatory affairs counsel and regulatory affairs counsel, respectively, met with bureau representatives to discuss resources currently available to credit unions to help them train staff on elder abuse issues, as well as efforts by the bureau to provide more guidance.

In addition, Thursday's Credit Union Advisory Council (CUAC) meeting included a roundtable discussion with members from the Consumer Advisory Board and Community Bank Advisory Council and bureau staff on utilizing technology to prevent and respond to elder financial abuse.

NAFCU has various compliance resources available online related to elder abuse, and the association is engaged with the bureau and other agencies, including the Financial Crimes Enforcement Network (FinCEN), Department of Justice and Federal Trade Commission, as they work to reduce fraud and abuse.