00:03 - Good afternoon everybody thank you for joining us I'm clem roseburg and president and

00:07 - ceo of next to your bank and I'm honored to speak on

00:10 - behalf of the Pennsylvania bankers association today.

00:14 - Today is

00:14 - Pennsylvania bankers day at the capitol we have more than seventy bankers from

00:19 - institutions ns of all sizes

00:21 - meeting with over

00:22 - eighty members of the general assembly to discuss

00:25 - policy priorities that help our customers seniors

00:29 - families

00:30 - small businesses

00:32 - farmers and workers

00:33 - and to help strengthen the communities they rely on

00:37 - across the commonwealth.

00:39 - We're proud to join the attorney general Dave Sunday

00:42 - and senate banking and insurance committee chairman

00:45 - sen Chris gephardt and other members of the legislature

00:49 - to raise awareness about the alarming rise in scams

00:52 - targeting

00:53 - our seniors

00:54 - we stand united in one clear goal

00:57 - state action is better

00:59 - is needed to better equip financial institutions

01:02 - to prevent and respond to elder financial exploitation.

01:06 - Everyday Pennsylvania seniors face increasingly sophisticated scams

01:11 - that threatened their hard earned savings

01:14 - their homes

01:15 - and their dignity.

01:16 - Victims suffer deep financial and emotional harm

01:20 - and fam early caregivers and taxpayers often

01:23 - have to shoulder additional burdens

01:25 - to help them recover

01:27 - with our senior population growing rapidly the need for effective protection

01:31 - has never been greater.

01:33 - The federal trade commission's December two thousand and twenty five report to congress

01:38 - shows the scale of this problem

01:40 - adults

01:41 - sixty and older reported two point four

01:44 - billion dollars in scam losses up twenty six

01:47 - point three percent from twenty twenty three

01:50 - and up three hundred percent

01:52 - from twenty twenty

01:53 - losses from

01:54 - individual scams of one hundred thousand dollars or more

01:58 - accounted for one point six billion or sixty eight percent

02:02 - of these totals.

02:04 - These figures are staggering

02:06 - and demand action this session.

02:09 - This isn't new

02:10 - Pennsylvania banks and credit unions have long urged state governments to take

02:14 - the sus decisive action

02:16 - the longer we wait the more technology evolves

02:20 - driven by AI spoofing and other emerging threats

02:23 - and each day without a response gives fraudsters an increasing advantage over our

02:29 - scene years financial institutions

02:31 - and law enforcement

02:32 - and acting and elder fraud statute in Pennsylvania

02:35 - affects more than the financial

02:37 - sector.

02:39 - Local police and district attorneys frequently

02:41 - struggled to investigate and prosecute these scams

02:44 - many perpetrators operate overseas and often outside local jurisdiction guns

02:50 - and law enforcement repeatedly reports lacking the tools

02:53 - and manpower

02:54 - to hold them accountable.

02:56 - We urge lawmakers to enact a clear common sense elder financial exploitation statute

03:02 - that gives banks

03:04 - the tools to stop fraud before irreversible harm occurs.

03:08 - Specifically ii we support legislation

03:12 - that would establish a defined legal framework for banks and credit unions

03:16 - to report suspected elder financial exploitation

03:20 - and cooperate with state authorities

03:22 - to authorize financial institutions to consult

03:25 - with an older adults authorized contacts guardians

03:29 - for the Sherry's attorneys are financial advisors

03:32 - when addressing suspected exploitation.

03:35 - Enable institutions to hold refuse or prevent

03:39 - suspicious transactions

03:41 - to protect an older adult assets.

03:44 - Expand authority for institutions to voluntarily provide records

03:48 - to area agencies on aging

03:50 - and simplify procedures for those agencies

03:53 - to request

03:54 - additional information

03:56 - and to authorize agencies

03:58 - on aging

03:59 - to share relevant investigative information with financial institutions

04:03 - to inform decisions about holds and refusals

04:06 - and releases of transactions.

04:08 - These measures would improve oof collaboration among financial institutions

04:13 - adult

04:14 - protective services and law enforcement

04:17 - enabling timely sharing of information

04:19 - and more effective intervention.

04:22 - They're narrowly tailored to protect

04:24 - vulnerable Pennsylvania while preserving

04:27 - legitimate access

04:28 - to their funds

04:30 - the Pennsylvania bankers association stands ready to work with the general assembly

04:34 - and state agencies to advance balanced legislation

04:38 - that safeguards seniors finances privacy and due process.

04:43 - We sincerely thank attorney general Dave Sunday for raising awareness

04:47 - and creating an elder fraud section in the office of the attorney general

04:51 - to investigate and prosecute those who prey on our seniors.

04:56 - We also thank chairman sen gephardt and his staff for their leadership.

05:00 - The Pennsylvania bankers association support senator

05:03 - get parts legislation senate bill seven thirty eight

05:06 - which would give financial institutions additional tools

05:09 - to protect there are customers

05:12 - we appreciate the work of the housing

05:14 - aging and older adult services committee

05:17 - the secretary of aging

05:18 - Jason can loot

05:20 - cartilage

05:21 - and his team and the governor's office

05:23 - for including us in stakeholder meetings

05:27 - over the last few weeks

05:29 - and as recently as this past Friday today

05:31 - legislation in the house aging and youth committee

05:34 - is expected to be considered as early as next Monday

05:38 - to address

05:39 - this important subject while we continue refining additional for hoses

05:43 - we welcome and sincerely appreciate the opportunity to collaborate

05:48 - and share our expertise to ensure the fine a legislative product

05:52 - effectively protects

05:53 - vulnerable Pennsylvania ins

05:55 - thank you for your attention to this matter

05:58 - we sincerely hope that before this legislative

06:00 - session concludes

06:02 - our state government will take action

06:04 - to protect our seniors and preserve trust in Pennsylvania's

06:08 - financial system.

06:10 - I have the honor to introduce the Pennsylvania chief law enforcement officer

06:15 - attorney general Dave Sunday

06:17 - thank you thank you thank you thank you and good afternoon everyone.

06:23 - Thank you for being here today at our state

06:24 - capitol as we continue this important conversation

06:27 - about protecting some of our most vulnerable members of our communities

06:31 - are senior citizens

06:33 - Pennsylvania has one of the largest populations of senior

06:35 - citizens in the entire country ranking fifth nationally

06:39 - that distinction comes with a responsibility

06:42 - we have a duty to protect older pennsylvanians from scams

06:45 - fraud and financial exploitation

06:48 - that continue

06:49 - to involve to evolve

06:50 - every single day.

06:52 - Unfortunately criminals are evolving right alongside technology

06:56 - they are using sophisticated tactics to target seniors through romance scams

07:01 - investment schemes

07:03 - spoofed phone calls fake government impersonations

07:06 - and online fraud.

07:09 - These criminals are calculated were relentless and often organized but so are we

07:14 - the office of attorney general protecting consumers

07:17 - especially our seniors

07:19 - remains a top priority

07:21 - in two thousand twenty five alone

07:23 - Pennsylvania reported more than seventy six

07:26 - million dollars in scam related losses to the bureau of consumer protests action.

07:32 - During fiscal year two thousand and twenty four to twenty five

07:35 - our office received more than thirty five

07:37 - thousand consumer complaints

07:40 - and helped return more than twelve million dollars to consumers

07:43 - through mediation

07:45 - and enforcement efforts.

07:47 - Those numbers represent real people.

07:50 - Real families the

07:51 - real pennsylvanians

07:53 - whose lives and financial security were impacted.

07:58 - While there still is work to do.

08:00 - Those results demonstrate something very important

08:04 - and that is when people speak up

08:06 - when agencies communicate

08:08 - and when law enforcement and community partners collaborate

08:11 - we can make a difference.

08:13 - That collaboration is

08:15 - critical which is why I'm glad to be here today

08:18 - with the Pennsylvania bankers association.

08:21 - Our bureau of consumer protection tries to help people pick up the pieces when they

08:25 - realize that they have been scammed it's hard

08:28 - work and too often there is nothing that we can do

08:31 - to make victims whole

08:33 - that's why it is absolutely critical.

08:36 - That we finally update our older adult protective services act

08:40 - to meet the challenges of today.

08:43 - That includes providing financial institutions

08:46 - with the ability to intervene

08:48 - when they believe one of their consumers are being scammed out of their money

08:52 - and are using wire transfers or cash withdrawals

08:55 - from their bank accounts.

08:58 - The employees who work at banks

09:00 - know their customers

09:02 - they are part of our communities

09:04 - and so often in our investigations when we speak to a teller

09:08 - they say they are they suspected that the victim

09:11 - was being scammed

09:13 - but they were powerless to intervene.

09:15 - After all people have a right to their money.

09:19 - An updated older adult protective services act.

09:23 - Will be critical but it will only be successful

09:27 - if at each step of the way we empower individuals.

09:30 - Areas on aging financial institutions state and local agencies and law enforcement

09:35 - with the tools that they need

09:37 - to protect seniors to home hold those who harm them accountable.

09:43 - Without accountability

09:44 - nothing else matters.

09:46 - This isn't a republican or a democrat issue

09:48 - scammers don't care about political affiliation

09:51 - age race or background

09:53 - they target vulnerability.

09:55 - That is why protecting seniors must continue to be a bipartisan effort

10:00 - built on communication

10:02 - partners

10:03 - and action.

10:05 - I am very proud of the work being done by the

10:07 - men and women of the office of attorney general

10:10 - every single day to investigate these crimes.

10:14 - Educate the public and hold bad actors accountable but I am also grateful

10:19 - for the partnerships we have with legislators

10:22 - financial institutions

10:23 - local law enforcement advocacy groups and community organizations

10:27 - all throughout Pennsylvania.

10:30 - We work together as a team

10:33 - every single day

10:34 - and we either win as a team

10:36 - or we don't

10:37 - and when it comes to protecting seniors there

10:40 - is no other choice but to work together.

10:43 - We all share the same goal that's protecting pennsylvanians

10:46 - and ensuring seniors know they are not alone I will say

10:50 - as an aside

10:51 - that I have aging parents

10:53 - and I try not to use them as examples because they watch these things

10:57 - and then I call them out and I embarrassed them and I'm sorry to them if I do that

11:01 - but what I will say that you know.

11:03 - When you see your parents get to that point.

11:07 - Where they're struggling

11:08 - and where people are trying to

11:10 - take what they have every single day

11:13 - it really hits home

11:14 - and I think that we as a society can be judged

11:18 - on the way that we treat

11:19 - and protect the most vulnerable

11:21 - amongst us

11:22 - to clearly include those who came before

11:25 - and laid the foundation the groundwork for everything that we all have

11:28 - as we're standing here

11:30 - today

11:31 - and I think that it's crucial

11:34 - that as a society

11:35 - that we move the ball forward.

11:37 - Because god willing will be there

11:39 - and hopefully they'll be young people that will be willing to step up for us

11:43 - one of the most tap

11:44 - powerful tools we have in this fight as well as awareness

11:47 - too often these scams succeed in silence

11:50 - where victims feel embarrassed and unsure

11:53 - where to turn

11:54 - by continuing to talk openly about these tactics.

11:57 - Sharing real world examples

11:59 - and encouraging reports without stigma

12:02 - we strengthen our collective abyss realty to prevent

12:04 - others from becoming victims in the first place.

12:08 - So that being said I look forward to our continued partnership

12:12 - on this issue with the Pennsylvania bankers institution

12:15 - and I will say again referencing my parents

12:18 - that there are many times where

12:19 - you know my father

12:21 - you know

12:22 - at his age which is

12:24 - now not to be said but his age is a little bit older he's eighty three and

12:27 - and

12:28 - and what I will say is you know he and his generation

12:30 - grew up in a time where you would go to the bank

12:33 - you talked to the teller

12:34 - the tellers knew you

12:35 - and I promise you.

12:37 - They still do that

12:38 - and

12:39 - that's just a wonderful place to start

12:42 - and

12:42 - prevent these issues in the first place so thank you everyone for being here

12:46 - and hope everyone has a wonderful day

12:48 - thank you.

12:49 - Three.

12:56 - Good afternoon.

12:58 - General Sunday I

12:59 - I also have aging parents

13:01 - there is zero chance that they watch any of these

13:04 - so

13:05 - You can certainly use them as an example

13:09 - and and no one will be no that nobody the wiser have it so

13:13 - good afternoon everyone.

13:15 - I want to first start off by thanking and recognizing

13:17 - attorney general day Dave Sunday

13:19 - chairman langer hold of the senate aging and youth committee

13:23 - and represent man sour the minority chairman of the house aging and older adult

13:28 - services committee for your leadership and efforts taken

13:32 - in protecting seniors from abuse particularly

13:35 - from financial exploitation.

13:38 - Additionally

13:39 - I wish to recognize my senate and house republican colleagues joining us today

13:44 - along with members from the financial service industry they are also with us today.

13:49 - Pennsylvania between twenty

13:51 - twenty and twenty twenty four

13:53 - so it's older adult population grow by more than ten percent

13:57 - with older adults

13:59 - comprising more than twenty percent

14:01 - of the state's total population.

14:04 - Unfortunately

14:05 - at the same time we saw

14:08 - our senior population grow we saw significant increases

14:12 - in the number of seniors who have been defrauded

14:14 - of their hard earned retirement funds.

14:18 - According to a recent report from the FBI more than seven thousand older

14:23 - adults residing in Pennsylvania reported more

14:25 - than two hundred million dollars in losses.

14:29 - This represents a forty three percent

14:31 - jump.

14:32 - Just from twenty twenty four.

14:35 - As someone with a small business in the private sector.

14:38 - I ran for public office to address real problems

14:42 - facing Pennsylvania nz

14:44 - to this effect

14:45 - one of the first issues I introduce

14:47 - was reforms

14:49 - to Pennsylvania's older.

14:51 - Adult protective services act

14:53 - otherwise known as Oprah.

14:56 - This law has not been updated

14:58 - in several decades

15:00 - and after the peak ruling more than a decade ago

15:03 - which found parts of this

15:04 - statute unconstitutional.

15:07 - The law was in dire need of legislative action

15:10 - to this end.

15:12 - Particularly in my role as chairman of the senate banking and insurance committee

15:17 - my office has spent

15:19 - the past several years

15:21 - working with each of the following members of the financial services industry

15:25 - members of the older adult services

15:28 - whether it an assisted living facility or those who provide in-home care.

15:33 - The attorney general's office

15:35 - house Republicans

15:36 - house democrats senate democrats

15:39 - and members of the shapiro administration.

15:42 - This effort resulted in the introduction of senate bill seven thirty eight

15:46 - sponsored by myself

15:48 - and senator street.

15:50 - In it's current form senate bill seven thirty eight

15:52 - represents the most significant bipartisan leap for a word

15:56 - in adopting crucial updates

15:58 - to Oprah.

16:00 - In the many months since it's introduction

16:03 - we have continued to work with all stakeholders to resolve the outstanding issues

16:08 - with meaningful progress

16:09 - to get a bill to the governor's desk that not only

16:13 - updates epsa

16:15 - for the current day

16:16 - but provides meaningful protections

16:18 - for seniors

16:20 - by empowering financial institutions

16:23 - to freeze or hold financial transactions

16:26 - when fraud is suspected.

16:28 - Something

16:29 - which more than twenty other states have already adopted.

16:34 - It ensures that companies serving older adults as they age

16:37 - had the ability to on board and hire sufficient staff

16:41 - to meet the needs of older adults

16:44 - and enhancing statutory protections for older adults

16:47 - while complying with the peak ruling.

16:51 - Unfortunately.

16:52 - The five party conversations.

16:55 - That began with passage of representative hogan's legislation

16:59 - in twenty twenty four inexplicably ceased last fall

17:03 - to this extent.

17:05 - I urge my colleagues in the house

17:07 - and the administration

17:08 - to come back to the table

17:10 - and with the the attorney general's office

17:12 - let's resolve the few outstanding issues on this important piece of legislation.

17:18 - As we now start the June budget month

17:20 - we have the opportunity to show pennsylvanians

17:23 - we can deliver policies that solve big issues

17:27 - and improve their lives

17:28 - despite a divided government.

17:31 - Ensure

17:32 - that we

17:33 - as the governor loves to say

17:35 - we can get stuff done.

17:38 - It it is my sincere hope that they join us at the

17:41 - negotiating table so that we can protect vulnerable seniors

17:44 - and ensure that they can age

17:46 - with both dignity

17:48 - and financial security.

17:50 - I want to finally just thank you all for coming today

17:53 - and if there's any questions we can certainly have you communicate with our office

17:56 - who are happy to answer him at that time.

18:00 - Laughs.

18:29 - It.