Credit Unions May Soon Be Able to Aid in Fight Against Elder Abuse

FINRA is proposing a rule change that would permit 15-day holds (or longer) to be placed on accounts belonging to individuals 65 or over if the institution believes that the individual is being financially exploited. Although FINRA rules do not apply directly to credit unions, many credit unions offer investment products through third party brokerages that have agreements with FINRA members. The rule would also permit holds on accounts for individuals over 18 if the institution reasonably believes that the individual is mentally or physically impaired and not able to protect his or her own financial interests. [2/25/16]