NCUA Offers Older Americans Valuable Consumer Financial Help Online

ALEXANDRIA, Va. (May 5, 2016) – The National Credit Union Administration is reminding older Americans about the agency’s online resources to help them manage money and protect themselves against fraud.

“Consumer protection and financial education are key parts of NCUA’s mission and part of the credit union model, as well,” NCUA Board Chairman Rick Metsger said. “Giving credit union members, particularly older Americans, the educational tools and security information to help them manage and protect their money is increasingly important, and I hope credit unions and their members will take advantage of the resources we offer.”

May is Older Americans Month, and NCUA’s Pocket Cents financial literacy website includes an entire section on issues of particular interest to older Americans. The MyCreditUnion.gov website contains tips on handling personal finances and protecting against frauds and scams aimed at older adults. NCUA also has a video explaining how certain financial scams specifically target older Americans and how to avoid being victimized. The agency’s Consumer Assistance Center is available to answer questions or handle complaints.

In September 2014, NCUA signed a memorandum of understanding with AARP to work on a series of initiatives aimed at promoting education and outreach to help older Americans become more financially secure. Those efforts have included:

Launching the agency’s online Fraud Prevention Center, and incorporating AARP’s Fraud Watch Network as a resource;
Co-hosting a Twitter chat on detecting and preventing financial abuse; and Co-hosting a webinar on avoiding frauds and scams.

Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission, an interagency group created by Congress to improve the nation’s financial literacy and education.

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 102 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.

SOURCE: NCUA