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Banks and credit unions back bill to let institutions pause suspected fraud transactions and use trusted contacts
Summary
Proponents of House Bill 560 told the Ohio House Financial Institutions Committee the Protect Our Parents Act would give banks and credit unions authority and liability protection to place temporary holds on transactions suspected to be financial exploitation and to contact trusted individuals to verify legitimacy, with training tied to existing suspicious-activity requirements.
Witnesses from financial trade groups and AARP urged the committee to support House Bill 560, which the sponsors framed as a measured way to prevent financial exploitation, especially of older Ohioans.
Andrew Cannon of the Ohio Credit Union League said the bill provides financial institutions with a tool to pause suspicious transactions and to use a designated trusted contact to help authenticate transactions. “By defining financial…
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