Communication Federal Credit Union (CFCU) is applauding the passage of legislation designed to strengthen protections for Oklahoma seniors and other vulnerable adults who may be victims of financial exploitation.
Gov. Kevin Stitt recently signed Senate Bill 2067, known as Oklahoma’s Financial Exploitation Protection Legislation or Oklahoma’s Elder Financial Protection Law. The legislation gives financial institutions additional tools to identify and respond to suspected financial exploitation while strengthening collaboration with agencies responsible for protecting vulnerable Oklahomans.
Financial institutions are often among the first to recognize signs that a customer or member may be the target of a scam or financial exploitation. Under previous law, privacy restrictions could sometimes limit how quickly information could be shared with Adult Protective Services or law enforcement. Those delays could make it more difficult to intervene before significant financial losses occurred.
CFCU Vice President of Compliance Heather Converse says the new law will help financial institutions respond more effectively when they recognize potential exploitation.
“We pushed for this because we see these scams every day, and we were often the last line of defense, but we didn’t always have the tools to act quickly. Now we do.”
Among other provisions, the new law:
- Allows financial institutions to share relevant records with authorized agencies investigating suspected financial exploitation.
- Allows financial institutions to place temporary holds on suspicious transactions when financial exploitation is suspected.
- Allows institutions to contact a designated trusted contact when concerns arise.
- Provides legal protections for financial institutions and employees who act in good faith.
- Encourages faster collaboration among financial institutions, Adult Protective Services and law enforcement.
The legislation is expected to help facilitate earlier intervention when financial exploitation is detected, improve protections for seniors and vulnerable adults, support faster investigations and reduce the potential for devastating financial losses.
“Protecting our members goes beyond providing financial products and services,” Converse said. “It also means being there when something doesn’t look right and doing everything we can to help protect them.”
CFCU thanks the Oklahoma lawmakers, state agencies, advocates and other organizations that worked to advance the legislation and strengthen the ability of financial institutions to protect their members and serve their communities.
About Communication Federal Credit Union
Founded in 1939 and headquartered in Oklahoma City, Communication Federal Credit Union is a member-owned financial cooperative serving more than 130,000 members across Oklahoma and Kansas. CFCU provides a full range of financial services, including checking and savings accounts, consumer loans, mortgages, business services and more. For more information, visit CFCU at comfedcu.org or at one of its branch locations.
