Bill Inspired by Navy Federal Member Who Lost $3.6 Million Passes Va. Legislature

The bill enables CUs and banks to train staff and contact a trusted person if elderly financial abuse is suspected.

By Peter Strozniak | March 05, 2024 at 04:00 PM

Image of pillars with floating 100 dollar bills to signify financial regulations

A bill, driven in part after a former elderly member of the $170 billion Navy Federal Credit Union who lost more than $3.6 million in an international scam, was passed by the Virginia General Assembly to prevent the financial exploitation of senior citizens and other vulnerable adults.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
Exclusive discounts on ALM and CU Times events.
Access to other award-winning ALM websites including Law.com and GlobeSt.com.

NOT FOR REPRINT

Regulatory & Compliance

1 Supreme Court Rejects Challenge to CFPB

2 NCUA Approves 26 Mergers in the First Quarter

3 Shared Accounts With CU Times: Modernizing Credit Union Credit Cards

4 Smaller Credit Unions Rely More on Overdraft Fees, Analysis Reveals

5 New Board Members & Officers Named at SAFE CU, RCU & Everwise CU

Consulting
Consulting Top Consultants 2024
June 27, 2024 - New York

Consulting Magazine identifies consultants that have the biggest impact on their clients, firms and the profession.
More Information
Real Estate
GlobeSt. Women of Influence (WOI) 2024
July 22, 2024 - Lake Tahoe

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.
More Information
Consulting
Consulting Best Firms to Work For 2024
September 12, 2024 - New York

Consulting Magazine identifies the best firms to work for in the consulting profession.
More Information

Carrie Hunt Says Regulators Are Challenging the CU Business Model

By Michael Ogden | May 17, 2024

Hunt, with America's Credit Unions, states credit unions are being stressed under CFPB and NCUA regulations.

Carrie Hunt Says Regulators Are Challenging the CU Business Model

Chopra: CFPB 'Firing on All Cylinders'

By Jim DuPlessis | May 17, 2024

The director promises to hire more investigators, resume delayed enforcement actions and fight against "junk fees".

Supreme Court Rejects Challenge to CFPB

By Jim DuPlessis | May 16, 2024

In 7-2 ruling, justices dismiss arguments of payday lenders and CUs that the funding mechanism is unconstitutional.

Check Fraud Mitigation: Capabilities to Protect Your Credit Union link

White Paper

Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
Exclusive discounts on ALM and Credit Union Times events.
Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now

Instant Insights /