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Panel backs bill letting banks temporarily hold suspected exploitation transactions
Summary
The Committee advanced HB2591 to allow financial institutions to report suspected exploitation to law enforcement or DCF, notify trusted contacts, and place temporary holds on flagged transactions (up to 10 business days, plus extensions). Industry witnesses described safeguards; the committee plans a floor amendment to add further guardrails.
The Committee on Financial Institutions and Pensions voted to advance HB2591, a bill that would permit financial institutions to report suspected financial exploitation of an adult account holder to law enforcement or the Department for Children and Families and to place temporary holds on transactions flagged as suspicious.
Jason Thompson, an adviser to the committee, summarized the bill’s main provisions: financial institutions could report suspected exploitation to a designated agency (law enforcement or DCF), notify adults designated as trusted contacts by the account holder, and place a temporary hold on flagged transactions; holds could be extended by request of an investigating agency or by court order. "This is the bill…
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