Committee hears bill to let banks notify a designated 'authorized contact' when elder financial exploitation is suspected

Sen. Mike Jacobson introduced LB838 as a consumer protection measure to help frontline bank staff intervene when they suspect financial exploitation of seniors or vulnerable adults. "An authorized contact is an adult designated by a vulnerable or senior adult to be contacted by a financial institution in the event of an emergency or when financial exploitation is suspected," Jacobson said, explaining the bill updates statutory definitions and provides liability protection for good‑faith actions.

Theresa Thibodeau, district director for Rep. Don Bacon, described constituent casework and urged the committee to advance LB838, saying banks often recognize warning signs long before families or law enforcement and that "even a brief pause can matter." Witnesses from the banking industry, including Burke Harr and Ryan McIntosh, said the bill balances consumer protections with clear guidance for institutions, and they framed LB838 as part of a multi‑bill 'fraud free Nebraska' coalition.

Supporters including AARP Nebraska and the Nebraska Credit Union League testified; AARP’s Gina Ragland urged consideration of non‑senior victims and asked for thought on mandatory reporting, while some committee members pressed on the scope of civil and administrative immunity and whether proposed limitations could undercut earlier protections enacted in 2020. Kelly Lammers (Department of Banking and Finance) said LB838 builds on prior statutes and provides additional tools to help institutions combat fraud.

The hearing concluded with proponents urging advancement; no opposition testimony was recorded during the hearing.