Governor Signs Assemblymember Dababneh’s Bill to Protect Seniors from Financial Fraud and Abuse
SACRAMENTO – Governor Jerry Brown has signed Assembly Bill (AB) 611, a bill authored by Assemblymember Matt Dababneh (D – Woodland Hills) to increase protections for seniors and dependent adults from financial abuse and fraud.
AB 611 solves a common problem faced by financial institutions where bank officers and employees are presented with situations that require them to honor a power of attorney despite the fact that a financial elder abuse report has been filed on the holder of the power of attorney.
“There is no one-size-fits-all solution to prevent financial abuse before it occurs,” said Assemblymember Dababneh. “My bill provides an important new tool for financial institutions to stop a potentially harmful situation before it occurs and offer better protection for seniors and dependent adults who are most vulnerable to these crimes.”
Financial institutions play a large role in combating elder financial abuse. The California Department of Social Services recently reported that Adult Protective Services received 12,177 reports of financial abuse from financial institutions in the 2015-16 fiscal year.
“We rely heavily on the employees of our financial institutions to combat elder abuse in California,” stated Assemblymember Dababneh. “This bill gives these employees the tools they need to fully utilize their unique knowledge and provide much-needed additional protections for this at-risk population.”
“With the Governor’s signature on AB 611, California now joins 21 other states that have these very important financial protections in place for seniors,” said Simone Lagomarsino, president and CEO of the California Bankers Association. “With more than 4 million people over the age of 65, California has the largest elder population in that nation and they will now be protected from financial abuse perpetrated by agents with a power of attorney seeking to steal their assets and money. We thank the Governor and Assemblymember Dababneh for their support of this critically important measure.”