Credit unions and Prevent Elder Abuse Manitoba close Financial Literacy Month 2014 by launching new program to help confront financial abuse of seniors

 

WINNIPEG, Nov. 28, 2014 /CNW/ - Financial abuse is one of the most common forms of elder abuse in Canada, as highlighted by the recent findings from the first phase of consultations on the national strategy for financial literacy, released by the Financial Consumer Agency of Canada (FCAC).

Recognizing this reality, the credit union system launched a new program to better equip staff at credit unions across Canada to recognize and prevent financial abuse of seniors. The program was written and developed by Tamlo International Inc. and will be distributed exclusively by CUSOURCE Credit Union Knowledge Network, a wholly owned subsidiary of Credit Union Central of Canada that provides learning and development solutions to the Canadian credit union system.

Fittingly released in conjunction with the closing of Canada's fourth Financial Literacy Month and designed for credit unions with the support of FCAC and help of experts from Prevent Elder Abuse Manitoba, Financial Abuse of Older Adults: Recognize, Review and Respond provides solutions, tools and resources to allow staff to be better able to:

  • Recognize situations in which older credit union members are being financially abused;
  • Identify the type and method of financial abuse in each situation;
  • Report the financial abuse to a supervisor or manager;
  • Select an appropriate response to the financial abuse;
  • Inform the member of the options available to leave the financial abuse;
  • Provide the member with appropriate community resources;
  • Demonstrate knowledge of the credit union's legal and ethical limits in reporting and responding to financial abuse; and
  • Monitor the outcome of the member's situation.

The launch was held at the Good Neighbours for Active Living Centre and featured remarks by the Honourable Alice Wong, federal Minister of State for Seniors; the Honourable Deanne Crothers, Manitoba Minister of Healthy Living and Seniors; Jane Rooney, Financial Literacy Leader; Ted Richert, Vice President, Credit Union Central of Manitoba; and Martha Durdin, President and CEO of Credit Union Central of Canada.

Upon completion of the course, credit union employees in Manitoba will have the opportunity to share their knowledge with members in the communities in which they operate.

Initial funding for Financial Abuse of Older Adults: Recognize, Review and Respond was provided to Prevent Elder Abuse Manitoba through the Government of Canada's New Horizons for Seniors Program (NHSP).

Quotes

"This collaboration with Financial Consumer Agency of Canada and Prevent Elder Abuse Manitoba will benefit the credit union system and its over 5 million members in countless ways; the more we know about financial elder abuse, the better we can be at putting a stop to it."

- Ted Richert, Vice President, Credit Union Central of Manitoba.

"Not only is financial elder abuse one of the most common forms of elder abuse in Canada, but it also often goes unreported. The Financial Abuse of Older Adults: Recognize, Review and Respond program will help better equip credit union employees to recognize and respond to the signs of elder abuse, a growing problem in Canada."

Martha Durdin, President and CEO, Credit Union Central of Canada.

"This year, the FCAC launched a number of national consultations to strengthen Canadian's skills and knowledge so they can better manage their own financial affairs. One of these consultations focused on strengthening seniors Canadians' financial literacy, so we congratulate Prevent Elder Abuse Manitoba and the credit union system for developing this program and feel it is fitting that a course designed to assist senior Canadians is launched to mark the end of Financial Literacy Month 2014."

Jane Rooney, Financial Literacy Leader.

"The Government of Canada is committed to supporting the well-being of seniors who face unique financial challenges and require a broad base of support to ensure they can make confident and informed decisions on financial matters. We are very pleased to collaborate with private and non-profit sector organizations to help seniors better protect themselves from the threat of financial abuse. We remain committed to addressing financial abuse through NHSP projects such as this one, other awareness campaigns and legislation."

–The Honourable Alice Wong, Minister of State (Seniors).

"This important initiative will help to prevent financial abuse and protect the assets of older Manitobans. The Province of Manitoba is pleased to fund Prevent Elder Abuse Manitoba through our provincial Elder Abuse Strategy.  The work they're doing supports our efforts to ensure frontline workers are trained to prevent and respond to concerns about elder abuse."

– The Honourable Deanne Crothers, Minister of Healthy Living and Seniors (Manitoba).

"The opportunity to develop a course to educate credit union staff in Canada about the role they can play to address financial elder abuse and the resources available to support them would not be possible without the funding we received from the Government of Canada's New Horizons for Seniors program. Today's launch of Financial Abuse of Older Adults: Recognize, Review and Respond is a significant achievement for Prevent Elder Abuse Manitoba, the credit union system and our provincial and federal governments.  We look forward to continuing these partnerships as we unveil community presentations in 2015 that will provide senior Canadians with information to help them identify and protect themselves against financial abuse."

- Dara Maternick, Prevent Elder Abuse Manitoba.

About Prevent Elder Abuse Manitoba
Prevent Elder Abuse Manitoba (PEAM) is a central point of contact for information about elder abuse in our province. We partner with organizations, communities & individuals to raise awareness and develop tools & resources to support provincial and local initiatives.  The Province of Manitoba provides funding to PEAM through the provincial Elder Abuse Strategy. For more information or to join the team visit www.peam.ca

About Credit Union Central of Manitoba (CUCM)
Credit Union Central of Manitoba (CUCM) is the trade association and service provider for the province's 36 autonomous credit unions and is governed by Manitoba's Credit Unions and Caisses Populaires Act. CUCM manages liquidity reserves, monitors credit granting procedures and provides trade services in areas such as corporate governance, government relations, representation and advocacy. CUCM also provides payment and settlement systems, banking, treasury, human resources, research, communications, marketing, planning, lending, product/service R&D, business consulting and legal services to credit unions. Manitoba credit unions jointly own CUCM and representatives from nine provincial districts sit on its board of directors. CUCM is financed through assessments and fee income derived through its operations.

About Credit Union Central of Canada (CUCC)
Credit Union Central of Canada is the national trade association for the Canadian credit union system.  Canada's credit union system is a vital competitor in the financial services industry.  Canadian Central represents five provincial/regional Centrals and one Federation representing 317 credit unions with more than $165.6 billion in assets and serving over 5.3 million members, outside of Quebec.  For more information about Canada's credit union system visit www.cucentral.ca.

For the 10th consecutive year, Canadians ranked credit unions first overall in Customer Service Excellence, among all financial institutions, surpassing all Canadian banks in Ipsos 2014 Best Banking Awards. Credit Unions also took sole honours in: Customer Service Excellence; Values my Business; and Branch Service Excellence.  Credit unions tied for first among all financial institutions for Financial Planning and Advice; Automated Telephone Banking Excellence; and Live Agent Telephone Banking Excellence.

ABOUT CUSOURCE CREDIT UNION KNOWLEDGE NETWORK
CUSOURCE Credit Union Knowledge Network (CUSOURCE Knowledge Network) is a wholly owned subsidiary of Credit Union Central of Canada. Built by and for credit unions, CUSOURCE Knowledge Network provides learning and development solutions to the Canadian credit union system. It also offers professional accreditation and designation programs for board directors and employees of all levels through the Credit Union Institute of Canada (CUIC Inc.). For more information, visit www.cusource.ca.

About Financial Consumer Agency of Canada (FCAC)
FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers. With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. Working at FCAC, the Financial Literacy Leader of Canada coordinates and collaborates with stakeholder groups to strengthen the financial literacy of Canadians. FCAC is online at www.itpaystoknow.gc.ca. Stay connected on the latest from the Agency through social media.

About Tamlo International Inc.
Tamlo designs highly engaging, fully interactive online training programs such as the award-winning Flag the Money™ course for anti-money laundering and counter-terrorist financing. Tamlo uses fictional stories and video scenarios to create effective training for frontline employees. See more at www.tamlo.com.

Image with caption: "Financial Literacy Month (CNW Group/Credit Union Central of Canada)". Image available at: http://photos.newswire.ca/images/download/20141128_C8790_PHOTO_EN_8589.jpg

Image with caption: "Prevent Elder Abuse Manitoba (CNW Group/Credit Union Central of Canada)". Image available at: http://photos.newswire.ca/images/download/20141128_C8790_PHOTO_EN_8588.jpg

Image with caption: "Credit Union Central of Manitoba (CNW Group/Credit Union Central of Canada)". Image available at: http://photos.newswire.ca/images/download/20141128_C8790_PHOTO_EN_8592.jpg

Image with caption: "Credit Union Central of Canada (CNW Group/Credit Union Central of Canada)". Image available at: http://photos.newswire.ca/images/download/20141128_C8790_PHOTO_EN_8590.jpg

Image with caption: "CUSOURCE Credit Union Knowledge Network (CNW Group/Credit Union Central of Canada)". Image available at: http://photos.newswire.ca/images/download/20141128_C8790_PHOTO_EN_8591.jpg

Image with caption: "Tamlo International Inc. (CNW Group/Credit Union Central of Canada)". Image available at: http://photos.newswire.ca/images/download/20141128_C8790_PHOTO_EN_8598.jpg

SOURCE: Credit Union Central of Canada

For further information: Dara Maternick, Prevent Elder Abuse Manitoba, (204) 669-7531, coordinator@peam.ca; Jim Harris, Credit Union Central of Manitoba, (204) 985-4888, Jim.harris@cucm.org, Veronica Feldcamp, Director, Trade Association Services, Credit Union Central of Canada, (416) 232-3417, (416) 434-8777, feldcampv@cucentral.com; Natasha Nystrom, Media Relations Officer, Financial Consumer Agency of Canada, 613-941-4168, Natasha.Nystrom@fcac-acfc.gc.ca; Marilyn Bright, Director, Product Development, TAMLO International Inc., Mobile: (403) 998-4207, Toll-free: (888) 998-2650, www.tamlo.com

RELATED LINKS
http://www.cucentral.ca

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Credit Union Central of Canada

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