Elder Financial Abuse Prevention Legislation Passes the PA House Commerce Committee 

Last week, the House Commerce Committee passed legislation that would provide financial institutions additional capabilities to protect seniors from financial exploitation. House Bill 2064, introduced by Rep. Joe Hogan, would equip financial institutions and fiduciaries with the necessary tools for identifying, reporting, and preventing the financial exploitation of older adults and care-dependent individuals. 

The legislation will also authorize the sharing of information and records between financial institutions, fiduciaries, and area agencies on aging. Like other voluntary reporters to protective services, financial institutions and fiduciaries would be immune from civil or criminal liability when exercising their discretion to report, share records, provide information to area agencies on aging, and temporarily delay financial transactions. The legislation provides the necessary legal clarity to enable financial institutions and fiduciaries to proactively report and help prevent financial exploitation. 

In advance of the House Commerce Committee hearing, CrossState, the PA Bankers Association, and the PA Association of Community Bankers circulated a joint letter in support of the legislation.