Cooperative Credit Union, FDIC host workshop on elderly financial abuse

MARLBOROUGH, Mass. – The Cooperative Credit Union last week hosted a workshop with the Federal Deposit Insurance Corp. elderly affairs specialists and credit union executives to address elderly financial abuse, which accounts for more than $2.5 billion each year.
During the workshop, which featured video connections to member institutions in other communities, participants were given study examples of “how exploitation can unfold, how to unmask the signs of abuse and ways to become better equipped to take action by knowing the resources that are a phone call away,” according to a press release.
“Elder financial abuse is a growing problem,” said Paul Gentile, CCUA president. “Here at the association we want to do all we can to educate our member credit unions because financial institutions are often on the front lines of potential elder financial abuse.”
CCUA comprises more than 180-member credit unions throughout Rhode Island, Massachusetts and New Hampshire.
“Helping credit unions understand what to look for, how abuse is occurring and what to do will help lessen the problem,” Gentile added. “We are thrilled that our regulatory community stepped up to have such a strong presence at this event.”

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