Belco’s Greenaway Testifies at Second Hearing on Protecting Seniors from Financial Abuse

On October 23, Lauren Greenaway, Fraud Analyst for Belco Community Credit Union, testified at a second joint public hearing on Elder Financial Abuse Prevention and Response (HB 2064) by the Pennsylvania Aging and Youth and Banking and Insurance Committees. Greenaway was joined by representatives from Penn Community Bank and Jonestown Bank & Trust.

Read the group testimony provided to the committees and watch the hearing.

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. 

CrossState, the PA Bankers Association, and the PA Association of Community Bankers are collaborating to improve the legislation and empower financial institutions to prevent financial exploitation of Pennsylvania’s seniors.