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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 employee training. Amanda Kirchner of the California Welfare Directors Association, representing county adult protective services, urged support and told the committee that when IC3 has sufficient information it can reverse transactions about 56% of the time.
Committee members with banking backgrounds raised concerns the bill could duplicate existing suspicious activity reporting and asked whether the IC3 recovery process is effective and resourced; witnesses said IC3’s recovery asset teams can be effective within a 48–72 hour window for domestic transactions but are less effective for international transfers or cryptocurrency deposits.
Supporters said the bill aims to capture more incidents—especially lower-dollar scams that currently go unreported to IC3—and to improve cross‑jurisdictional pattern‑spotting so local and federal investigators can respond. The committee recorded the bill as passed as amended and several members offered to be coauthors as the measure moves forward.
What happens next: AB 871 advances to the next committee or appropriations with amendments and continuing stakeholder engagement.
