Bill to Reduce Financial Abuse of Vulnerable Texans Passes the House
Just in time for Elder Abuse Prevention Month, the Texas House passed HB 3921 last week — a bill by Rep. Tan Parker, Chair, House Investments & Financial Services. This bill aims to reduce financial abuse by providing financial institutions and securities dealers with tools and authorization to place a hold on suspicious transactions. Once money is in the hands of fraudsters and those taking advantage of vulnerable family members, it is difficult, if not impossible to get it back. The bill requires procedures for financial institutions and securities dealers to identify and report financial abuse and establishes clear pathways of accountability. With just one out of every 44 cases of elder financial abuse reported in the U.S., and billions of dollars lost each year by victims of financial abuse, we need more of a focus on this issue. HB 3921 is a meaningful step forward to address this problem in Texas.
If you haven’t already, please check out our new guides that we released in partnership with AARP Texas to help people manage the money of a loved one in order to prevent financial abuse. Go to ProtectTheirMoneyTx.org for more information in English and Spanish.
Photo Caption (L to R): The launch of the Managing Someone Else’s Money guides earlier this March with Bob Jackson (AARP Texas); Rep. Tan Parker; Anita Sybesma, whose family was a victim of financial abuse; pro bono partner Keri Brown (Baker Botts); and Ann Baddour (Texas Appleseed).