California Bankers Association sponsors elder abuse legislation

State's largest banking trade association sponsors AB 1664, will likely propose amendments

SACRAMENTOSACRAMENTO - February 24, 2005 - The California Bankers Association is sponsoring AB 1664 (Gordon), a bill that defines the role that financial institutions and their employees would play in the reporting of the crime to law enforcement and Adult Protective Services offices.

"The banking industry has long been concerned about the safety and security of its customers, particularly our elder customers," said CBA president and CEO Janet Lamkin. "Fraudsters prey on senior Californians and rely on the isolation and vulnerability many of them feel as they grow older. We want to see this crime eradicated and our customers and their assets remain safe and secure."

CBA, in partnership with its financial institutions, is developing a training requirement that it plans to add to the bill as an amendment. The first round of amendments can be made 30 days after the deadline for bill introduction, which was February 22. CBA is confident that once the amendments are made, the bill will provide meaningful assistance and protection to California's consumers who might be victims of this crime.

"We have reviewed the various approaches that are being discussed and proposed by others and after a thoughtful and rigorous analysis, we think we can do better," said Lamkin. "The principles behind the banking industry's approach are straightforward: Start first with the customer's best interests and empower our own employees to be part of the solution. Then we must ensure that any implementation be reasonable, workable, and measurable."

CBA is currently offering training materials, including a written manual and training video, free-of-charge on its Web site (www.calbankers.com). Financial institutions and consumers alike are encouraged to access these materials to learn more about spotting possible elder financial abuse schemes and what can be done to help senior Californians avoid becoming victims of this crime.

Information about CBA
Established more than 110 years ago, the California Bankers Association (CBA) is one of the largest state banking trade associations in the country. CBA leads the way in developing relevant educational and legislative solutions to some of California's more pressing financial and banking issues, including adult financial empowerment, identity theft, financial privacy, and financial elder abuse. CBA's membership includes more than 300 of California's commercial, industrial and community banks and savings associations.