FOR IMMEDIATE RELEASE
Date: August 10, 2004
 CONTACT :
Craig Reynolds
(916) 319-2008

Republicans, Banks Kill Elder Financial Abuse Bill

Wolk's legislation would require banks to report elder financial abuse to law enforcement
Sacramento - Banks, credit unions and other financial institutions today teamed up with Republicans in the State Senate to kill legislation sponsored by the Yolo County District Attorney that would require banks, savings and loans, and credit unions to report known or suspected cases of elder financial abuse to law enforcement. The bill, AB 2474, was scheduled to be heard in the Senate Judiciary Committee today but Republicans killed the bill on a procedure, refusing to grant a routine rule waiver to allow the bill to be heard beyond a legislative deadline. Wolk worked over the summer to negotiate in good faith a compromise on the bill but lobbyists from the California Bankers Association and the California Credit Union League withdrew their support of the compromise at the last minute and lobbied Republicans to block the bill from being heard.

"I am disappointed but not discouraged," said Wolk. "We'll try again next year. We have put together a strong coalition of law enforcement and senior advocates who understand the important role financial institutions can and should play in cracking down on those who take advantage of our elderly citizens. This legislation received strong bipartisan support in the Assembly and should have been better received in the Senate.

"I intend to build on this year's success and redouble our efforts when we begin the next session. Six months was just not enough time to get a big issue like this pushed through the Legislature. Yolo County District Attorney Dave Henderson and his deputy Patty Fong deserve tremendous credit for their work on this bill. They have helped move this rock far up the mountain. Next year we'll work to get it over the top."

Yolo County District Attorney Dave Henderson added, "The banks and credit unions tell the people who are advancing in age, 'Bring us your life savings and we will protect it so you can be secure in your retirement.' With their opposition to reporting suspected financial abuse of elder and dependent adult customers, the banks and credit unions are telling the legislature, 'We don't want to be responsible for protecting their savings.'"

Supporters of the bill included the California District Attorney's Association, California State Sheriffs Association, California Police Chiefs Association, AARP California, the California Welfare Directors Association, the California Seniors Coalition, and dozens of local governments.
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