Texas legislature passes law protecting seniors from financial abuse

Once signed by governor, law will allow banks and securities firms not to process questionable transactions.
MAY 24, 2017

A law making it more difficult to exploit seniors financially has passed both houses of the Texas Legislature and is on its way to the governor for signature. House Bill 3921 gives banks and securities firms the authority to place a temporary "hold" on suspicious transactions in an elderly or disabled person's account. It is designed to bolster fraud protection procedures already in place at most banks, said Jordan Taylor, a spokeswoman for Tan Parker, the representative who sponsored the bill with state senator Kelly Hancock. The law will allow banks and other financial firms to scrutinize any type of large, unusual transaction in a senior citizen's account before it's processed. "By allowing banks and securities firms to place temporary holds on suspicious transactions, the legislature is giving them a powerful tool to stop elder financial exploitation in its tracks," AARP said in a release. "We are one step closer to better protecting seniors from predators while ensuring financial services professionals do not inadvertently violate privacy laws," said Dale Brown, president and CEO of the Financial Services Institute, an independent broker-dealer trade group that supported passage of the bill.

Latest News

Ric Edelman, ex-Orion CEO Eric Clarke join board for TaxStatus
Ric Edelman, ex-Orion CEO Eric Clarke join board for TaxStatus

Two longtime RIA industry figures have joined the board of directors at TaxStatus, a fintech company that garners thousands of IRS data points on clients to share with advisors for improved financial planning oversight and time savings.

Andy Sieg faces internal HR investigation into conduct at Citigroup: Report
Andy Sieg faces internal HR investigation into conduct at Citigroup: Report

Sieg, 58, was head of Merrill Wealth Management, left in 2023 and returned that September to Citigroup, where he worked before being hired by Merrill Lynch in 2009.

Advisor moves: Wells Fargo FiNet, LPL Financial, Raymond James, Janney, Ameriprise
Advisor moves: Wells Fargo FiNet, LPL Financial, Raymond James, Janney, Ameriprise

Firms announce new recruits including wirehouse breakaways.

Ashton Thomas-linked Amplify debuts QuantumRisk to help RIAs weather market shocks
Ashton Thomas-linked Amplify debuts QuantumRisk to help RIAs weather market shocks

"QuantumRisk, by design, recognizes that these so-called "impossible" events actually happen, and it accounts for them in a way that advisors can see and plan for," Dr. Ron Piccinini told InvestmentNews.

Turning conversations into clients: Attract prospects and gain new clients with these five strategies
Turning conversations into clients: Attract prospects and gain new clients with these five strategies

Advisors who invest time and energy on vital projects for their practice could still be missing growth opportunities – unless they get serious about client-facing activities.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.