California Proposes Bank Fraud Penalties

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CBS News

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Bill to help protect California seniors from scammers waits for Gov. Newsom's signature

Summary

Nutrition label

75% Informative

State Sen. Bill Dodd (D-Napa) introduced a bill to address financial elder abuse as one of his last acts in office.

The bill would require banks to create an emergency contact program for elderly accountholders and dependent adults to approve a transfer if the bank suspects elder fraud or financial abuse.

The banking industry had its own concerns, opposing the initial version of Dodd 's bill over worries about the liability of delaying transactions and keeping people from their money.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful