Setting the Record Straight on Elder Abuse Law

The California Credit Union League and our member credit unions strongly support legislation that will effectively address elder financial abuse. Unfortunately, your recent article on elder financial abuse legislation in California (“Wolk inactivates her elder abuse bill, credit union opposition questioned,” June 15) did not provide us with an opportunity to correct misstatements made by a proponent of a bill the League does not support. The article quoted Craig Reynolds, chief of staff to Assemblymember Lois Wolk, who was clearly angry that Ms. Wolk’s bill failed to garner enough support in the state Assembly. We would have appreciated an opportunity to rebut his provocative and inaccurate statements about California credit unions. Far from wanting to “sweep elder abuse under the rug,” California credit unions want to protect elderly members who need protection. We support mandatory training for staff to spot signs of financial abuse. We remain opposed to the “mandated reporter” elder financial abuse bills – both AB 1605, by Assemblymember Wolk, and SB 1018, by Sen. Joe Simitian – because they present an undue burden for credit unions, and because experience in other states shows that turning financial institutions into mandated reporters doesn’t increase the number of reports of abuse. As the California CU League continues efforts to gain passage of effective legislation that addresses this issue, we look forward to providing our perspective in a forthcoming Credit Union Times article. David L. Chatfield President/CEO California CU League Rancho Cucamonga, Calif.