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NAFCU, CFPB host age-friendly banking roundtable
NAFCU staff and member credit unions joined the CFPB’s Office of Older Americans for a roundtable discussion on age-friendly banking practices Tuesday. The event covered several topics of note, including digital access and digital literacy, as well as how credit unions handle powers of attorney and other fiduciary documentation.
During the roundtable, NAFCU Vice President of Regulatory Affairs Ann Petros and Senior Regulatory Affairs Counsel James Akin were joined by CFPB Office of Older Americans Assistant Director Deborah Royster, Assistant Director Tricia Kerney-Willis, and Policy Analyst Kate Kramer. In addition, several NAFCU-member credit union representatives participated, including:
- Arlington Community FCU President and CEO Karen Rosales;
- Tidemark FCU CEO Pam Fleuette;
- Jetstream FCU Executive Vice President and COO Aaron Small; and
- First Citizens’ FCU Chief of Staff Linda Cosme and Senior Director of Retail Banking Dawn Camille.
The group also touched on co-location of credit union branches – branches in or near areas older consumers frequently visit such as retirement communities, large retail stores, grocery stores, and medical centers. NAFCU has requested that the NCUA amend its Part 701 rule to reduce the requirement that credit unions occupy at least 50 percent of their premises, and instead require a minimum of 25 percent, to provide greater flexibility and an increased ability to open such co-location branches.
NAFCU works closely with the NCUA and CFPB’s Office of Older Americans to keep credit unions informed of trends and resources to combat elder financial abuse. The May-June edition of The NAFCU Journal features an article on protecting older members, with insights from Akin and Royster.