Bill to help financial institutions protect vulnerable adults signed into law

by Kimberly Querry-Thompson 

OKLAHOMA CITY (KOKH) — A measure that aims to help financial institutions protect the most vulnerable citizens from being exploited was signed into Oklahoma law.

Senate Bill 2067 is supposed to create stronger safeguards to help financial institutions identify, report, and prevent suspected financial exploitation of protected adults.

“This new law will give financial institutions clear processes to help protect vulnerable adults from increasingly common financial scams,” Sen. Jerry Alvord, R-Wilson, said. “Scammers frequently target older adults, convincing them to hand over funds needed to pay for necessities like medicine, food, and rent. With SB 2067 now law, financial institutions can act swiftly and responsibly to help prevent vulnerable Oklahomans from becoming victims of financial exploitation and losing their hard-earned savings.”

Lawmakers say existing laws limit institutions' ability to give appropriate agencies the information needed to act quickly.

However, this measure removes those barriers so employees can report suspicious transactions internally and notify appropriate agencies.

Banks or credit unions may place a temporary hold on the reported account or alert a trusted contact designated by the account holder. The measure provides immunity to criminal and civil liability to any employee or financial institution acting in good faith and in compliance with the provisions of this measure.

“I was happy to carry this 'makes sense' legislation,” Rep. Mark Lepak, R-Claremore, said. “Bad actors increasingly target and prey upon our older population. Oklahomans aged 60 and older lost more than $50 million to fraud in 2024 alone, a 66 percent increase over 2023. Nationally, adults over 60 reported nearly $4.9 billion in fraud losses in 2024, with average losses exceeding $83,000 per victim. Financial exploitation is a devastating crime– real people are losing their life savings, their independence, and their dignity to these criminals.” 

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Bill to help financial institutions protect vulnerable adults signed into law