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Hawaii Credit Unions Must Comply with State Elder Financial Abuse Law

ALEXANDRIA, Va. — Federal credit unions located in Hawaii must comply with the requirements of the Hawaii Financial Abuse Act that requires federal credit unions to report suspected financial abuse of an elder, according to an NCUA legal opinion.

The Aug. 6 legal opinion letter (07-0745), addressed to Mary Beth Wong of the law firm Ashford & Wriston, LLP who made the inquiry on behalf of some credit unions in Hawaii, stated that NCUA’s regulations do not exempt credit unions from the law’s requirements and that federal consumer privacy laws do permit the disclosures provided for in the state law.

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