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Elder Abuse laws and banking
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While CBA takes seriously the importance of protecting Colorado’s at risk and elderly population, banks must also be shielded from unwarranted liability and over-burdensome compliance requirements.  Below is a timeline of CBA's work related to ensuring at-risk adults are protected without placing undue burden on financial institutions.


2016 - CBA's work ensures a bill seeking to provide at-risk adults with the same protections as the elderly was amended to allow banks to comply. CBA was successful in its efforts to ensure that bankers are required to report abuse only if they have "reasonable cause" to believe is happening, or that they observe taking place.


2015 - CBA wins amendments on elder abuse bill - The Colorado Bankers Association succeeded in securing amendments to a bill that requires reporting of suspected abuse of the elderly. Going forward, the proposal will not count insurance agents and financial planners as mandatory reporters of suspected abuse, as their contact with customers is limited and often not in-person. Bank employees remain on the list of mandatory reporters, and face penalty for willing violation of the law.


2013Colorado lawmakers changed the requirements for bankers, among others, related to reporting the suspected abuse of the elderly. Bankers are required to comply with the new law, which CBA worked to ensure was not overly burdensome or punitive.


2012 - CBA represented  financial institutions on the state’s Elder Abuse Task Force, ahead of legislation planned to be introduced in 2013 that would require mandatory reporting of both physical and financial abuse of the elderly. 



Law enforcement has created Colorado Crime Prevention questionnaire that can be provided to customers, to keep them from falling victim to scams or financial abuse. View the document.   


Consumer Reports detailed how alert bankers have helped to detect crimes against the elderly.  


The Colorado Bankers Association has joined with the American Bankers Association Foundation in a campaign - Safe Banking for Seniors - to provide America's seniors and their caregivers with tools to prevent financial fraud.   

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