RALEIGH, NC (July 29, 2013) -- North Carolina Governor Pat McCrory has signed NC Senate Bill 140, legislation that enhances efforts by NC financial institutions to prevent the exploitation of older adults. The call for the legislation was a cooperative effort between SECU, the NC Attorney General’s Office, the NC Credit Union League, and the NC Bankers Association, among others. The signed Financial Exploitation of Older Adults law increases the recognition, reporting and prosecution of those who would defraud older or disabled adults by facilitating the collection of records needed to investigate and prosecute such incidents.
The Financial Exploitation of Older Adults law requires all financial institutions to report to appropriate authorities cases where there is reasonable cause to believe that a disabled adult over 18 years of age, or older adult 65 or above is the victim or target of financial exploitation. The law ensures that no financial institution officer or employee who acts in good faith when making a report may be held liable. The legislation also encourages financial institutions to offer older adult members/customers the opportunity to submit a list of trusted persons to be contacted in case of financial exploitation.
SECU now has an emergency contact service in place. This is just one of numerous services the Credit Union offers for the 60+ demographic. Consumer-friendly Reverse Mortgages, Tax Preparation Services and an Estate Planning Essentials Program are also currently offered by SECU. In addition, a resource library for older members is well underway, with educational documents covering topics such as health care, Social Security, and Powers of Attorney.
SECU Senior Vice President Debbie LaBarbera, who spearheads SECU’s older adult initiative, says, “As members navigate various life stages, they encounter challenges which become more prevalent in their later years. SECU is prepared to assist its members with these challenges by continuing our efforts to identify suspected financial exploitation and providing additional resources and services for older members as needed. The Financial Exploitation of Older Adults law is an acknowledgment of the necessary protection for North Carolina’s most vulnerable citizens, and we look forward to working with other financial institutions and local and State authorities to implement the legislation — it’s the right thing to do.”
About SECU
A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for over 75 years. With 1.8 million members, SECU provides services through 249 branch offices, 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.