S 2155 helps CUs fight fraud, elder abuse

Credit union CEOs say provisions of the new regulatory relief bill related to mortgages and business lending aren’t the only areas where their operations will be affected; they see changes occurring elsewhere as well.

In part one of this two-part series, CUToday.info featured feedback from CEOs on what the on-the-ground effects of the newly enacted Economic Growth, Regulatory Relief, and Consumer

Protection Act will be on mortgage lending and member business lending.

In this, part two, CEOs share their responses to other aspects of the legislation.

Elder Financial Abuse

While the legislation’s provisions for the legal immunity for properly trained, good-faith reporters of suspected elder financial abuse won’t have the business benefits of some of the other rules under the new law, it will have a positive impact on credit unions and their memberships, noted Jane Dobbs, CEO of the $201-million Canyon State CU in Phoenix.

 

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