League Feted for Work on Illinois Law Protecting Elderly From Financial Abuse
The Illinois Credit Union League was honored at the second annual Summit on the Prevention of Elder Financial Fraud and Abuse by the Illinois Department of Financial and Professional Regulation and Illinois Department on Aging for supporting legislation protecting elderly credit union members from financial abuse.
In 2010, the ICUL worked with state officials who amended the Illinois’ Elder Abuse and Neglect Act, which required financial institutions to provide elder abuse recognition training to their employees. The league said it also assisted with the development of the joint rulemaking to implement the new statutory requirement.
ICUL staff members offer credit unions the training required under the rule and participate in meetings of the Consumer Financial Protection Bureau’s Office for Older Americans.
“This is an excellent example of government agencies and the league successfully working together on behalf of Illinois credit unions and their members,” said Stephen R. Olson, ICUL’s executive vice president and general counsel.
The summit was held in Oak Brook on July 31.