Senator Collins Praises Efforts Of Maine's Credit Unions In Preventing Elder Financial Abuse

March 12, 2015

Senator Collins, who Chairs the Senate Special Committee Aging, is focused significant attention in recent months on the growing issue of elder financial abuse and exploitation. Recently, during a visit by Maine credit union representatives in Washington, D.C., Senator Collins praised the efforts of Maine's credit unions "as showing great leadership in helping to raise awareness and understanding about how to combat elder financial abuse in Maine. Your efforts are making a difference."

"Unfortunately, 90% of seniors who are victimized by financial exploitation and fraud are done so by someone they know, usually a family member.  I applaud Maine's credit unions for being on the front lines of finding solutions to reduce the number of older Mainers who sometimes lose everything, through no fault of their own.  Your work with others in developing the Senior$afe program and brochure that helps train staff and make others more vigilant in identifying elder financial exploitation is having a positive impact in Maine, and makes Maine a model for the rest of the country," Senator Collins said.

John Murphy, President of the Maine Credit Union League, retierated the "strong commitment of Maine's credit unions to protecting the most vulnerable consumers from being victimized by fraudulent financial behavior.  We have been working on this issue for many years, and are proud to be part of the solution.  With Maine's aging population growing, this is an ongoing issue and one that we will be continuing to be involved with to help reduce and prevent elder financial exploitation and abuse in our state.  We appreciate Senator Collins' recognition of our efforts, and also her efforts to bring attention to this problem."