California Bankers Association applauds new elder financial abuse law

New law seen as first step toward eradicating this growing crime

SACRAMENTO - August 29, 2005 - The following statement has been issued by the California Bankers Association regarding the passage of SB 1018 into law earlier today:

"The California Bankers Association congratulates Governor Schwarzenegger on his signing of SB 1018 into law. Elder financial abuse is a heinous crime which is why our industry stepped up with critical elements to protect our customers. California's consumers should know that the passage of this law will also result in a change in the way that banks interact with their senior customers. It may become necessary, in the course of complying with this new law, to ask senior customers more questions about their transactions to establish whether or not elder financial abuse may be taking place. We will work with our customers to address any concerns they may have about these changes in service and believe that they will provide tremendous benefits to those who might otherwise become victims of this insidious crime. We look forward now to legislation passing that will increase the punishment on those individuals perpetrating these crimes."

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.