ABA Foundation Testifies on Protecting Older Americans from Financial Exploitation
Summary
The ABA Foundation provided testimony on protecting older Americans from financial exploitation. The testimony addressed safeguards and recommendations for banks serving senior customers facing fraud risks. This represents an industry association's policy advocacy rather than a binding regulatory requirement.
What changed
The ABA Foundation testified on measures to protect older Americans from financial exploitation, likely addressing regulatory recommendations for banks serving senior customers. This testimony represents industry advocacy rather than a binding rule.
Banks should monitor for any resulting regulatory guidance or legislative proposals that may emerge from this testimony regarding senior fraud protection requirements.
What to do next
- Monitor for updates
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Apr 16, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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ABA Foundation testifies on protecting older Americans from financial exploitation
April 15, 2026 Reading Time: 2 mins read
Sam Kunjukunju, vice president for consumer engagement at the ABA Foundation. During a Senate hearing today, the American Bankers Association Foundation outlined the critical role banks play in protecting older Americans from fraud and financial exploitation while calling for strengthened national coordination, expanded financial literacy efforts and clear federal authority for banks to intervene when exploitation is expected.
The Senate Special Committee on Aging held a hearing on financial education tools to help prevent fraud. In prepared remarks, Sam Kunjukunju, vice president for consumer engagement at the ABA Foundation, explained that banks are uniquely positioned to help older customers recognize and avoid scams due to their trusted, long-standing relationships and daily interactions with consumers.
Still, banks can’t fight fraud alone, he said.
“While the banking industry is investing significantly in protecting older people, the scale and sophistication of today’s scams require a strategic and coordinated national response,” Kunjukunju said. “America needs a nationwide public education campaign that brings together federal agencies, nonprofits, and the private sector to deliver a unified, consistent message.”
Legislative tools
A national effort to fight fraud must be grounded in a broader commitment to lifelong financial literacy, and it should align with key life milestones, including entering the workforce, managing credit, starting a family, purchasing a home and planning for retirement, Kunjukunju said.
He also called on Congress to consider legislation that would provide banks with clear authority and safe harbor protections to delay or hold transactions when elder financial exploitation is suspected to help safeguard older Americans at moments of heightened vulnerability.
“Through sustained investments in education, training, cross-sector partnerships, and responsible innovation, we continue to strengthen the frontline defenses to combat elder financial exploitation,” Kunjukunju said. “But as our population ages and financial crimes grow more sophisticated, these efforts must be accompanied by a policy framework capable of meeting the moment.”
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