Attorney General’s Office Offers Guidance on Senior Financial Exploitation Reporting Requirements in Maryland

With financial exploitation of seniors and vulnerable adults on the rise, Tuesday’s Baltimore Chapter meeting featured a deep dive into reporting requirements for credit unions when financial abuse of a member is suspected.

Jeffrey Myers, Assistant Attorney for the Maryland Department of Aging, discussed reporting protocols – when and where credit unions are required to report suspected financial exploitation. In conjunction with the Attorney General’s office and Maryland’s Project SAFE, (Stop Adult Financial Exploitation) MD|DC CUA and other public and private partners, developed a guide on account ownership for consumers to help prevent financial exploitation.

Jeffrey Myers Fin Abuse Seniors

Jeffrey Myers, Assistant Attorney General for the Department of Aging, discusses Maryland's reporting requirements for suspected financial abuse.

Credit unions are in a unique position to recognize potential adult financial exploitation. Starting in January 2019, the MD|DC Credit Union Association will offer credit unions access to Senior Safeguard, a new online platform to train and certify credit union employees on identifying and reporting senior financial exploitation. CEO John Bratsakis also announced that credit unions will be able to offer the program to their members in June.