2017 Texas Legislative Session - Protection of Vulnerable Adults from Financial Exploitation (HB 3921)

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Protection of Vulnerable Adults from Financial Exploitation (HB 3921) adds §280 to the Texas Finance Code clarifying and expanding the requirement found at §48.051 of the Human Resources Code which states, “…a person having cause to believe that an elderly person, a person with a disability, or an individual receiving services from a provider as described by Subchapter F is in the state of abuse, neglect or exploitation shall report the information required by Subsection (d) immediately to the department.” (Note: The “department” is the Department of Family and Protective Services (DFPS), specifically Adult Protective Services (APS).)

The new §280 of the Financial Code specifically focuses on financial exploitation (a defined term). It provides that a bank employee “shall” file an internal report when financial exploitation of a vulnerable adult is suspected. The bank “shall” investigate any internal report and submit a report to APS. The law requires the bank to “adopt internal policies, programs, plans or procedures” to ensure adherence to the law. This webinar is designed to assist bank management in the development of the required internal program and train staff to recognize signs of financial exploitation of vulnerable adults.

Covered Topics:

  • Definitions of terms critical to understanding this requirement,
  • Red flags indicating potential financial exploitation,
  • Required timeframes for reporting to APS,
  • How to report to APS, including the information required,
  • How and when to report other appropriate agencies and entities, including the requirement to file a Suspicious Activity Report (SAR),
  • How and when the bank may contact a third-party regarding the suspected abuse,
  • Rules for placing or extending a hold on a transaction when financial exploitation is suspected and
  • Immunity and liability for reporting.

Participants Will Receive:
  • A proposed action plan to assist in implementing required changes,
  • Well-documented materials with available resources to provide additional support, and
  • Sample internal report of suspected financial exploitation of vulnerable adults.

Who Should Attend?

This is a whole-bank issue. Officers and managers charged with developing policies and procedures and training staff to detect and report financial exploitation will benefit from the entire presentation. The last part is intended to assist the bank in training employees on the red flags of financial exploitation – what to look and listen for and when to report.