Elder financial abuse is increasing both nationally and in the Badger State. Wisconsin’s bankers are increasing their efforts to protect their customers, but they need help. That’s the message members of the WBA Board of Directors shared with editors on April 10 at the Wisconsin State Journal.
A soon-to-be-introduced bill would allow banks to refuse or delay transactions when financial exploitation of a vulnerable adult is suspected. The bill is based on recommendations made by the previous Attorney Generals’ task force on elder abuse. Bankers and WBA were part of that task force and the subsequent legislation.
During the meeting, Ken Thompson, Capitol Bank, Madison; Dave Werner, Park Bank, Milwaukee; and Rose Oswald Poels, WBA, asked the editors to write in support of this legislation when it is eventually introduced. They also requested the newspaper educate the public on the issue of elder financial abuse and the role banks currently play in protecting their customers.