The Pennsylvania Senate has approved Senate Bill 738, a bipartisan measure supported by the Pennsylvania Bankers Association (PA Bankers), the Pennsylvania Association of Community Bankers (PACB), and CrossState Credit Union Association to strengthen protections for older Pennsylvanians from sophisticated financial scams and exploitation.
The legislation establishes a clear legal framework enabling banks and credit unions to detect and respond to suspected elder financial exploitation while safeguarding legitimate access to funds, privacy, and due process. Pennsylvania ranks among the states with the highest share of residents aged 65 and older, amplifying the urgency of stronger protections for seniors.
Key provisions include authority for financial institutions to:
- Report suspected elder financial exploitation and cooperate with state authorities;
- Consult with an older adult’s authorized contacts, guardians, fiduciaries, attorneys, or financial advisors when exploitation is suspected;
- Hold, refuse, or prevent suspicious transactions to protect an older adult’s assets;
- Voluntarily provide records to area agencies on aging and simplify agency requests for additional information; and
- Receive investigative information from agencies on aging to inform decisions about holds, refusals, or releases of transactions.
“The passage of SB 738 is a critical step forward in protecting Pennsylvania’s most vulnerable residents,” said Duncan Campbell, President & CEO, PA Bankers. “With one of the nation’s oldest senior populations, our Commonwealth faces unique risks from increasingly sophisticated scams. This legislation gives banks the clear authority and practical tools to stop exploitation early, work more effectively with adult protective services and law enforcement, and preserve seniors’ financial security and dignity.”
“Senate Bill 738 gives community banks practical tools to stop scammers before they steal a senior’s life savings,” said Kevin Shivers, President & CEO, PACB. “Current law prevents banks from stopping suspicious transactions. Crooks count on this. SB 738 lets banks partner with law enforcement to stop the scammers.”
“Every Pennsylvanian deserves the confidence that the savings they’ve worked a lifetime to build are protected,” said Patrick C. Conway, President & CEO, CrossState Credit Union Association. “SB 738 reinforces the role credit unions play in safeguarding older adults and gives their families greater peace of mind that suspicious activity can be addressed before lasting harm is done. We appreciate the Senate’s strong, bipartisan support for this important measure.”
