NAPERVILLE, Ill. (8/2/13)--Two state agencies have honored the Illinois Credit Union League for its support of legislation protecting elderly credit union members from financial abuse, providing credit unions required training about elder abuse and participating in the Older American Protection Network (OAPN).
The recognition was presented Wednesday by Manuel Flores, acting secretary of the Illinois Department of Financial and Professional Regulation (IDFPR), and John Holton, director of the Illinois Department of Aging, during the Second Annual Summit of the Prevention of Elder Financial Fraud and Abuse.
Flores and Tonya Sweat, consumer compliance policy and outreach director at the National Credit Union Administration, spoke highly of credit unions' efforts to address issues affecting their older members, said the league.
In 2010, the league worked with the two state agencies to negotiate the final version of Senate Bill 3267, which amended the Elder Abuse and Neglect Act. The measure required financial institutions to provide training about recognizing elder abuse for employees with direct member contact.
ICUL also assisted with development of the joint rulemaking to implement the new requirement. The league offers credit unions ongoing training required under the rule and participates in the meetings of the OAPN.
Stakeholders at the state and local level worked with the Consumer Financial Protection Bureau's Office for Older Americans to create and sustain OAPN. It is the foundation for the iFAST (Illinois Financial Abuse Specialist Team), the annual financial summit, and the development of inter-disciplinary protocols and education efforts, all focused on preventing financial abuse.
"This is an excellent example of government agencies and the league successfully working together on behalf of Illinois credit unions and their members," said Stephen R. Olson, ICUL executive vice president and general counsel.