SITUATION: The FBI’s 2022 Elder Fraud Report found that victims over the age of 60 suffered $3.1 billion in losses last year–losses from which victims sometimes never recover. In many cases, much of the loss could have been mitigated or prevented by intervention from banks. California State Senate Bill 278 (SB278) will clarify existing law to hold banks and financial institutions liable for detecting predatory practices.
SB278 has passed in the California State Senate and now heads to the Assembly.
ACTION: Passing SB278 is an important step to make sure banks do more to protect all seniors in California. Contact your State Assemblymembers, and urge them to vote yes on this crucial legislation.
Click HERE to identify and locate your California State legislators.