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Committee approves bill requiring banks to report suspected elder financial abuse to IC3 and APS
Summary
The committee passed AB 871 as amended, directing financial institutions to report suspected elder financial abuse to the FBI’s IC3 database and to adult protective services and to train employees to identify and report suspected scams to improve recovery chances.
AB 871, which would require financial institutions to report suspected elder financial abuse to the FBI’s Internet Crime Complaint Center (IC3) and to adult protective services, was passed as amended by the Assembly Judiciary Committee.
Author testimony cited frequent, targeted scams against seniors and described measures in the bill to strengthen reporting processes and…
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