Implementation Resources for Vulnerable Adult Banking Protection Act

More than 125 credit union professionals joined the Association's webinar last week on Maryland's new Vulnerable Adult Banking Protection Act which takes effect October 1.

The Association's VP of Advocacy, Rory Murray, outlined key provisions of the law and highlighted what credit unions should consider as they prepare for implementation. Murray explained that the act is permissive, meaning its requirements apply only when a credit union chooses to delay a disbursement and seeks the liability protections provided under the law.

Implementation resources are available here, including a compliance guide, model policies, and a forms package. Login is required to access the documents.

Also joining the panel were Tower Federal Credit Union EVP & COO Susan Ralston and VP of Branch Administration Denise Pope. Pope shared how Tower's trusted contacts program, which is included in the act, can help protect members from financial exploitation. A trusted contact is designated by a member to serve as a point of contact that a credit union or bank may reach out to if they detect potential fraud, financial exploitation, or other suspicious activity.

Ralston noted that while laws and procedures provide an important framework, protecting vulnerable adults ultimately comes down to how credit union professionals respond in the moment. Her advice: Be curious, not judgmental. When something feels off, ask one more question. That question, she said, could help protect a member's savings, dignity, and sense of control.

If you have questions about implementation of the act, please contact our VP of Advocacy, Rory Murray at [email protected]