Can a little become too much?

We have a large group of friends from forties to seventys who have been friends for some years.
I have a problem with two of them. How can you tell someone that they have crossed the line,
and what they are saying is hurtful.

Not too me but to the older folks in our group the good natured joking sometimes becomes
mean.

Should I just mind my own business? Hubby says it's worse when they are golfing and it's
all in fun. I'm not so sure. Any opinions?