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Assembly approves AB 871 to bolster reporting and training on financial elder abuse
Summary
AB 871, presented as legislation to strengthen protections against financial elder abuse by requiring financial institutions to improve reporting and employee training and enabling aggregation of small-dollar scams across jurisdictions, passed the Assembly by a recorded vote of 56-0.
Assemblymember Stephanie presented AB 871 during third-reading consideration as a measure aimed at addressing financial elder abuse. On the floor she framed AB 871 as strengthening protections by ensuring "financial institutions have appropriate reporting processes and training for their employees" and enabling suspected financial abuse and fraud to be reported to additional appropriate federal entities and aggregated across law enforcement jurisdictions.
Assembly debate concluded and clerks recorded 56 ayes and 0 noes; the Speaker announced the measure passed. The bill author described prior outreach in the district — two "senior scam stopper" events — and said the bill builds on existing protections by requiring better reporting, training and cross-jurisdiction aggregation to combat cyber-related and small-dollar scams affecting older adults.
The floor exchange did not record detailed amendments or a full reading of statutory text on the floor; the clerk handled the roll call and announced the tally. The Assembly ordered the measure passed on the third reading as presented.
