Rules proposed by FINRA may soon allow credit unions and other financial institutions to restrict activity on accounts belonging to some members they feel are being financially exploited.

The rules would permit 15-day holds (longer ones, in some cases) on accounts held by members who are either 65 and over or over 18, and whom the institution “reasonably believes” have mental or physical impairments that render them unable to protect their own interests. Many credit unions offer investment products through third-party brokerage agreements with FINRA member firms, and the proposed rules would denote people who can place a temporary hold on a disbursement as “qualified persons,” which would mean associated persons of a firm who serve in supervisory, compliance or legal capacities that are reasonably related to a member’s account.

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Tina Orem


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