AARP lauds Senate passage of bill (HB 3921) to protect older Texans from financial exploitation

The following is a statement by AARP Texas Director Bob Jackson applauding the passage of HB 3921 by the Texas Senate today, a measure which would improve the reporting of financial exploitation targeting older Texans and would give new tools to banks and securities firms to place a temporary hold on suspicious transactions. Jackson said:

“The Senate today has joined the House in taking an important step to protect vulnerable adults from becoming victims of financial fraud and abuse. We applaud Representative Tan Parker and Senator Kelly Hancock for their leadership on this important issue.

“Every day, countless older Texans are targeted victims of financial exploitation.  They are often exploited because they have accumulated a lifetime of assets and are often trusting and more vulnerable to such heinous activity.

“Financial institutions are the frontlines in the defense against elder financial exploitation.  In addition to educating customers and training staff, they can do even more to prevent this type of abuse if given the appropriate tools.  By allowing banks and securities firms to place temporary holds on suspicious transactions, the Legislature is giving them a powerful tool to stop elder financial exploitation in its tracks.”

“We urge Governor Abbott to promptly sign this measure to help prevent elder financial abuse in Texas.”