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Ohio lawmakers hold first hearing on bill that would let banks pause suspected elder‑fraud transfers
Summary
Sponsors of House Bill 560, the "Protect Our Parents Act," told the House Financial Institutions Committee the measure would give banks optional, temporary authority to place transactional holds when they suspect financial exploitation of older or vulnerable adults, require notice to state and county agencies, and provide civil and administrative immunity for good‑faith actions.
Representatives Charles Swearingen and Representative White told the Ohio House Financial Institutions Committee on the bill’s first hearing that House Bill 560, the "Protect Our Parents Act," would let depository institutions temporarily place a hold on transactions when they have reasonable cause to believe an eligible adult is being financially exploited.
Representative Charles Swearingen, sponsor, said the bill responds to a steady stream of calls from constituents about scams targeting seniors and the growing risk from voice‑mirroring and other AI tools. "With the prevalence of AI, especially with some of the voice AI on the phone that can mirror your friends or family members, this is only gonna become, increasingly more prevalent over the next several years," Swearingen said.
The bill defines an "eligible adult" as a person 60 years of age or older or someone eligible for protective services under Ohio law and defines "financial exploitation" to include wrongful or unauthorized taking, withholding, directing, appropriation or use of an…
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