WeVote
Log In

Bill

Bill

HB 373

Financial institutions; reporting financial exploitation of elderly or vulnerable adults.

2025 Regular Session Introduced by Michael Feggans and 2 co-sponsors

Virginia HB 373 mandates financial institutions report suspected financial exploitation of elderly and vulnerable adults to authorities, strengthening protections against elder financial abuse.

Left in Labor and Commerce
0
WeVote Research Nonpartisan
Bill Summary · HB 373

Legislative bill overview

HB 373 requires financial institutions in Virginia to report suspected financial exploitation of elderly or vulnerable adults to appropriate authorities. The bill establishes mandatory reporting protocols and timelines for banks, credit unions, and other financial entities to identify and document suspicious financial activity targeting seniors and vulnerable populations.

Why is this important

Financial exploitation of elderly and vulnerable adults is a significant but often underreported crime, with victims losing billions annually. Requiring financial institutions—which often have the earliest visibility into suspicious transactions—to report exploitation creates an additional safeguard and enables law enforcement intervention before losses mount.

Potential points of contention

  • Privacy concerns: Banks may worry about over-reporting requirements creating compliance burdens and raising customer privacy issues, particularly around what constitutes "suspected" exploitation versus legitimate transactions
  • Liability protection: Financial institutions will likely seek clear liability protections to encourage reporting without fear of lawsuits from customers whose transactions are reported
  • Definition ambiguity: The bill may lack precise definitions of "vulnerable adults" and "financial exploitation," creating inconsistent reporting standards across institutions and jurisdictions
  • Implementation costs: Compliance infrastructure, staff training, and monitoring systems represent significant operational expenses for financial institutions of all sizes

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.