Belco’s Sgrignoli Testifies on Proposed PA Elder Financial Abuse Prevention Legislation on Behalf of CrossState

Yesterday, Amey Sgrignoli, President & CEO of Belco Community Credit Union testified at a joint public hearing on Elder Financial Abuse Prevention and Response (HB 2064) at a joint hearing by the Pennsylvania Senate Banking and Insurance and Aging and Youth Committees. Sgrignoli was joined by Rick Cimakasky, VP, of Fraud and Security Management at Penn Community Bank, and Roger Zacharia, CEO, of Ambler Savings Bank, who also shared their insights. Read the joint testimony provided to the committees. 

CrossState Credit Union Association, the PA Bankers Association, and the PA Association of Community Bankers are collaborating on legislation that will empower financial institutions to prevent financial exploitation of Pennsylvania’s seniors. CrossState opposes the inclusion of penalties in HB 2064 that could harm PA’s financial institutions and consumers in their fight against the true perpetrators of the crimes against PA’s seniors, fraudsters, and scammers.  

Watch the full Committee hearing here: https://www.pasenategop.com/news/aging-banking-091824/

The harmful impact of House Bill 2064 in its current form: 

• Harsh Penalties: Unfair penalties increase liability for financial institutions, causing delays in transactions and frustrating older customers. 
• Mandatory Reporting Concerns: The bill only requires certain financial entities to report, excluding many money service businesses that also face exploitation. 
• Focus on Meaningful Assistance: Broad reporting requirements do not specifically target incidents involving vulnerable older adults. 
• First in the Nation: Pennsylvania’s proposed penalties are unprecedented, raising concerns about potential legal challenges. 
• Less Collaboration: The bill emphasizes punitive measures over a cooperative approach among financial institutions, government agencies, and law enforcement to combat elder abuse. 

Join the Credit Union Advocacy Network 

Join our advocacy network to assist CrossState with improving provisions in HB 2064 to better protect vulnerable older adults.