Plain English Breakdown
The official summary mentions 'additional required information' but does not list what that information is.
New Rules for Reporting Financial Abuse of Elders and Dependent Adults
This law requires financial institutions to report suspected financial abuse to the FBI, notify affected individuals, provide annual training on reporting procedures, and share information about reporting options.
What This Bill Does
- Requires a report to be sent to the Federal Bureau of Investigation Internet Crime Complaint Center within 2 working days if a mandated reporter files a report of suspected financial abuse.
- Mandates that financial institutions notify the elder or dependent adult identified in the report and provide additional required information within 48 hours of filing the report.
- Orders annual training for bank staff on how to escalate issues internally and report suspected financial abuse to local and federal authorities.
- Requires banks to share information about reporting options with impacted elders or dependent adults if suspected abuse is discovered within 48 hours of a transaction, doing so between 24 and 48 hours after discovery.
- States that failing to follow these new rules will not result in civil penalties.
Who It Names or Affects
- Officers and employees of financial institutions who are mandated reporters.
- Elders or dependent adults identified as victims of suspected financial abuse.
- The Federal Bureau of Investigation Internet Crime Complaint Center.
Terms To Know
- Mandated reporter
- A person, such as a bank employee, who is required by law to report suspected financial abuse.
- Dependent adult
- An adult defined under existing law for whom reporting requirements apply regarding elder and dependent adult abuse.
Limits and Unknowns
- The specific details of the 'additional required information' banks must provide are not listed in this summary.
- This law does not take effect until January 1, 2028.
- The text states that violations will not incur civil penalties but does not specify other potential consequences.