Financial exploitation and fraud exist not only in faraway places, but here in Tennessee. People prey upon Tennessee credit union members, and sadly, sometimes those fraudsters are people closest to our members.
Recently, the Tennessee Credit Union League hosted a Department of Justice’s Elder Justice Initiative (EJI) listening session with small credit unions. It was a time for credit union leaders to share their expertise on using financial tools to protect older customers from exploitation. This informal discussion was an opportunity to share what’s working, what’s been difficult and what credit unions need to feel more confident in this critical work.
The information shared will help the Elder Justice Initiative identify practical ways the group can support your institution’s efforts.
Sharing Common Themes
Plus, as credit union leaders, it was an opportunity to collaborate and hear what is happening across the state.
A common theme is that some of the fraudsters are the adult children of members. Despite these members expressing concern to credit union leaders for their financial well-being, they tell law enforcement a different story. One East Tennessee couple nearly faced foreclosure because of their daughter’s pilfering ways. They had to sell their home and move into an apartment.
Listening Session for CU Above $150 Million in Assets
The League will host another listening session for member credit unions above $150 million in assets on Thursday, Dec. 4, beginning at 11 a.m. ET/10 a.m. CT. We invite anyone working in fraud, compliance, risk management and operations to attend.
