ALEXANDRIA, Va. — NCUA informed a Hawaii law firm that its regulations do not pre-empt the Hawaii Financial Abuse Act that requires federal credit unions to report suspected financial abuse of an elder.
The Aug. 6 legal opinion (07-0745) states that not only are federal credit unions not exempt, but that federal consumer privacy laws do allow for the disclosures provided for in the state law.
Hawaii state law requires financial institutions to report suspected financial abuse against an "elder," someone age 62 or older. The suspected abuse must be reported to Hawaii's Department of Human Services. If the DHS does not have jurisdiction, the institution is required to then notify the police.
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