California Bankers Association-Sponsored Bill Providing Additional Financial Protections for Seniors Clears First Committee Hearing
SACRAMENTO – The Assembly Committee on Aging and Long-Term Care has passed Assembly Bill 611 (Dababneh), which is sponsored by the California Bankers Association, and provides important financial protections for seniors. Specifically, AB 611 gives a bank or credit union, as a mandated reporter of elder financial abuse, the statutory authority to decline a power of attorney if there is actual knowledge that a report of financial abuse of an elder or dependent adult has been made to adult protective services or local law enforcement.
The CBA has long advocated for important financial protections for seniors, working with the Legislature more than a decade ago, to pass the Financial Elder Abuse Reporting Act in 2005, which requires bank employees to notify authorities of incidents where elder financial abuse is suspected.
California has the largest elder adult population in the nation – with approximately 4 million people over the age of 65 – and this figure is projected to almost double in the next 20 years, according to the California Department of Finance. As that population grows, elder financial abuse is expected to become more prevalent, increasing the importance of our efforts to protect senior citizens.
AB 611 is vitally important to preventing elder financial abuse perpetrated by agents with a power of attorney who may be stealing money and assets. Twenty-one other states have adopted similar protections for their seniors, and we encourage the Legislature to put its full support behind this measure. The bill also has a variety of support from a wide range of organizations including senior groups, law enforcement and financial institutions. AB 611 will now advance to the Assembly Judiciary Committee for their consideration.
About the CBA
Established 126 years ago, the California Bankers Association (CBA) is one of the largest state banking trade associations in the country. CBA leads the way in developing relevant educational and legislative solutions to some of California’s more pressing financial and banking issues, including adult financial empowerment, identity theft, financial privacy and elder financial abuse. CBA’s membership includes the majority of California’s commercial, community banks and savings associations. For more information, visit www.calbankers.com.