Press
Minnesota Attorney General Lori Swanson shares insights with area credit unions
ST. PAUL, MN (January 15, 2014) — Minnesota Attorney General Lori Swanson spoke to Twin Cities credit union leaders, employees and volunteers at the Archer Doig Chapter meeting on Tuesday, Jan. 14.
Attorney General Swanson’s presentation addressed a number of current issues affecting both consumers and the financial industry, including the impact of fraud and regulations. She specifically mentioned problems related to senior fraud, and applauded credit unions for their work to help senior members and act in their best interest.
“Seniors are often targeted because they have some money, but not a lot of money.” Attorney General Swanson said. “Many credit union employees have acted as good stewards when assisting senior members with suspicious financial activities – such as wire transfers – and have helped report fraud to my office.
Bringing into question a senior’s financial security – selling trusts to avoid probate or selling annuities and insurance products that are not appropriate for an elderly person – is another area that Attorney General Swanson is monitoring. Her office also continues to watch for instances of where a senior is induced to act because of concerns for their physical safety, such as when those looking to commit fraud attempt to sell seniors security systems that have service contracts with exorbitant fees.
Attorney General Swanson also talked about the upcoming legislative session. “There are a lot of things on the books that don’t make sense that I would like fixed,” Swanson said. “We have 21st century activity with 20th century laws trying to match the two. I would like to bring modern conduct into compliance.
MnCUN President & CEO Mark D. Cummins expressed his appreciation for Attorney General Swanson and the important work her office does in advocating for and protecting consumers.
“Attorney General Swanson has a critical role in helping to protect Minnesota consumers – a mission that credit unions share, “ Cummins said. “We look forward to continuing to work with her and her office on consumer protection and regulatory matters.”
The Minnesota Credit Union Network is an organization representing the state’s 134 not-for-profit cooperative credit unions serving more than 1.6 million member-owners in Minnesota .For more information, visit www.mncun.org.