Mandated reporters of suspected financial abuse of an elder or dependent adult

The law adds a federal reporting channel, requires annual staff training, and ensures affected customers are told about the FBI report and how to submit their own complaint.

What the law does ​

• Requires financial-institution employees who must report suspected financial abuse to also report it to the Federal Bureau of Investigation Internet Crime Complaint Center within two working days.
• Requires financial institutions to train mandated reporters annually on internal escalation and reporting to local and federal authorities.
• Requires financial institutions, within 48 hours after filing an FBI Internet Crime Complaint Center report, to notify the identified elder or dependent adult, encourage their own FBI complaint, and provide FBI contact information through the person’s recorded preferred communication method.
• Exempts failures to make the new FBI report or customer notification from the law’s civil penalties for failing to report suspected financial abuse.

Who it affects ​

• Banks, credit unions, and their officers and employees.
• Elders and dependent adults identified in suspected-financial-abuse reports.
• The Attorney General, district attorneys, and county counsel who may enforce existing civil penalties for required financial-abuse reporting.

Context ​

The new requirements take effect January 1, 2028.