RELEASE DATE: JULY 11, 2022
ESTIMATED DURATION: 90 minutes
As our population ages, so do the memberships of many credit unions. Elders and the handicapped can become cognitively impaired, isolated, baffled by computer-driven banking practices and increasingly dependent on caretakers and family members. At the same time, elders can cling to 20th-century conventions of personal privacy and display a fierce desire to maintain their independence. Too many seniors become too vulnerable to too-frequent financial exploitation and overreach. Estimates are that only 1 in 44 incidents of such financial abuse are officially documented. Fully 90% of abusers are not strangers to their elderly victims; they are family members or “trusted others”.
Credit unions can find themselves torn between their duty to preserve member privacy and their desire to protect vulnerable members from greedy exploitation. Despite appearances, it is possible to do both. There is no need to stand by helplessly, while and elderly or impaired member is stripped and forsaken. This program will detail how to spot financial abuse, what to do about it, who to tell and how to report it. Both federal law and applicable state laws contain exceptions to the blanket of privacy that covers most consumer banking transactions. Indeed, some states do not merely permit disclosure of abuse, but specifically require it.
Expect specific abuse examples, specific references to state and federal law, specific remedies and specific recommendations on when to report and even when to flatly refuse service to an abuser demanding access
MEET THE PRESENTER
Franklin Drake has been a partner in the Raleigh, North Carolina law firm of Smith Debnam Narron Drake Saintsing & Myers since 1994, following a sixteen-year practice specializing in creditor’s rights, bankruptcy, and repossession law in Louisville, Kentucky. There, he was Senior Vice-President of William Mapother’s law firm. Mr. Drake graduated from the University of North Carolina in 1975 with a B.A. with honors and with his law degree in 1978. He has practiced in North Carolina, Kentucky, West Virginia, and the federal courts of southern Indiana. For the last 30 years, he has lectured regularly at practical training courses, bankruptcy and regulatory compliance programs and webinars. Sponsors include NASCUS, CUNA, NAFCU, ACUIA, AACUL, NCUMA, state regulators and more than two dozen state credit union leagues across the US. His articles on the practical application of laws and regulations to credit union procedures have appeared in state bar magazines, nationally distributed newsletters and on the Internet. For the past 31 years, Frank has advised and represented most of the major secured and unsecured financers on secured lending, bankruptcy and regulatory compliance matters. He especially enjoys guiding his clients around compliance pitfalls and how NOT to get sued.