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On July 29, North Carolina Gov. Pat McCrory signed the Financial Exploitation of Older Adults bill, which requires all financial institutions to report when they suspect someone 65 or older, or a disabled adult over 18, is being financially exploited. It also protects the liability of those making the good faith report. Financial institutions may also ask members or customers to provide a list of trusted persons who could be contacted if fraud is suspected.

The legislation, which passed both the Senate and House unanimously, was supported by SECU, the North Carolina Credit Union League, the North Carolina Attorney General’s office, the North Carolina Bankers Association and others. It takes effect Dec. 1.

Sara Trexler, senior vice president/trust services at the $26.7 billion State Employees’ Credit Union in Raleigh, N.C., said the legislature authorized a task force in 2011 to recommend changes that would help combat financial abuse against seniors.

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