CUNA reinforces support of Senior$afe Act for hearing record
WASHINGTON, DC (April 6, 2017) —
The Honorable Tom Cotton
Chairman
The Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy
U.S. Senate
Washington, DC 20510
The Honorable Heidi Heitkamp
Ranking Member
The Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy
U.S. Senate
Washington, DC 20510
Dear Chairman Cotton and Ranking Member Heitkamp:
On behalf of America’s credit unions, thank you for holding today’s hearing entitled “The Current State of Retirement Security in the United States.” The Credit Union National Association (CUNA) represents America’s credit unions and their more than 110 million members. We respectfully ask that this letter be included in the record of the hearing.
Many credit unions provide a full range of financial services, including financial management, retirement planning, and credit counseling to their members, including for seniors and their families. The cooperative relationship between a credit union and its members often puts credit union employees in a key position to detect suspicious financial activity related to seniors’ accounts because employees tend to know their members well and are likely to recognize when something is amiss.
In this regard, CUNA would like to reiterate our support for S. 223, the Senior Safe Act of 2017, which would help encourage more widespread reporting of suspected elder financial abuse by those most likely to notice it. While credit unions and other financial institutions already report suspected financial abuse of seniors, in certain circumstances, in many cases privacy laws or concerns about potential litigation make it difficult, or even impossible, for employees to notify authorities when exploitation is suspected. This legislation would be instrumental in providing even more opportunity for credit unions and other financial institutions to protect seniors. It is common-sense legislation that would allow for enhanced safety measures for some of our most vulnerable seniors.
Ultimately, S. 223 represents an important step toward improving the ability of credit unions to protect seniors from unscrupulous activity by providing legal immunity for properly trained financial services employees who disclose concerns about financial exploitation of senior citizens. We urge the passage of S. 223.
On behalf of America’s credit unions and their more than 110 million members, thank you for your consideration of our views.
Sincerely,
Jim Nussle
President & CEO
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
