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In her new role as the Chairman of the Senate Special Committee on Aging, Senator Collins and members of her staff recently reached out to your League to discuss the issue of financial elder abuse and find out what is being done to protect seniors from fraud.
In a conference call with her two top Committee staffers, your League's President John Murphy reiterated, "Maine's credit unions have a long-standing committment to being vigilant in protecting senior members from financial exploitation and abuse. Maine's credit unions have been leaders on this issue for a long-time, and we recognize the importance to protecting the elderly from becoming victims."
Senator Collins' staff praised the efforts of Maine's credit unions for being involved and engaged on this issue and for having a "significant role in helping develop the Senior$afe program last year, a program that has already made a difference in identifying potential victims." Your League helped to design the Senior$afe brochure and other materials as part of its participation as a founding member of the Maine Council on Elder Abuse. During the call, Senator Collins' staff asked if your League could provide examples of elder financial exploitation and the benefit of the Senior$afe program in heping to reduce and prevent it from occurring.
Following up on the request for examples from Senator Collins' staff, your League provided several stories from credit union staff about cases of "elder financial exploitation and the impact it can have on Maine's elderly. In one case, a credit union reported a story regarding an 88 year-old member who was being threatened and financially exploited by the Fire Chief in her community. The credit union worked with the State of Maine Adult Protection Services and the Deputy Sheriff and played a crucial role in getting it stopped. Brenda Piecuch, VP of Compliance at PeoplesChoice CU, where the victim is a member, called it "the worst case of financial elder abuse she ever experienced in her career." In another example, Vanessa Madore of Maine Savings FCU reported how the "Senior$afe program has helped their staff to be better trained and aware of the warning signs of financial elder abuse. It's making a difference, and is a helpeful tool for our staff."
Senator Collins' staff was "appreciative of the real-life examples and feedback, and will likely be back in touch with your League as Senator Collins prepares to hold a hearing on this topic in the coming months."
"This is an important issue, especially in Maine where we have such a high number of seniors, and credit unions have been active and early participants in bringing attention to this issue for many years. We are pleased that Senator Collins reached out to us as a result of these efforts, and we will continue to lead on this issue and assist in any way we can with her office and through our work with the Maine Council on Elder Abuse," noted Murphy.
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