Leading the Fight: How Tennessee’s first-of-its-kind hotline is combating elder financial exploitation
By Amy Heaslet, Executive Vice President/ General Counsel, Tennessee Bankers Association
As I look back at 2024, one of the accomplishments I am most proud of is the launch of TBI’s hotline for financial institutions to report elder financial exploitation. The hotline solidifies Tennessee as a leading state for addressing elder financial exploitation.
Our efforts with elder financial exploitation began nearly 10 years ago in response to bankers wanting, but legally not being able, to take certain actions to help their elderly customers from becoming victims. In 2017, TBA led legislative efforts to enact comprehensive legislation to allow, but not require, financial institutions to pause transactions, notify trusted persons and close family members, and refuse to accept powers of attorney if they suspect elder financial exploitation.
That legislation marked the most comprehensive state legislation to date to combat elder exploitation. Since that time, bankers frequently comment how useful those three tools are in helping prevent elder financial exploitation. Additionally, it’s not uncommon for other state bankers associations to call and inquire about it as they consider adopting similar measures.
The 2017 law, however, marked just the be- ginning of our efforts in assisting banks with these issues. Despite banks’ efforts to delay transactions and notify trusted persons of elder financial exploitation, it was clear that there was no “magic solution” and that we needed to continue discussing the issue and potential solutions.
We began collaborating with other groups and state agencies that serve the elderly and welcomed feedback from bankers on what else, as an association, we could do. We now host virtual roundtables for bankers to share ideas and hear from speakers on this.
We also began attending meetings hosted by TBI with stakeholders representing various entities that work with the elderly, including, among others, Adult Protective Services, district attorney offices, law enforcement, and the Attorney General’s office. During one of those meetings, there was a “light bulb” moment where everyone realized the need for a hotline directly to TBI that would allow financial institutions to report suspected elder financial exploitation. This represented a tremendous opportunity and solution to bankers’ frustration about the lack of response from law enforcement and frequent inability to convince elderly customers they are being taken advantage of.
After continued discussions and advocacy for legislation to create a banker hotline within TBI, the General Assembly approved it during the 2024 legislative session. By law, the TBI received funding for two analysts and was required to implement a hotline for bankers to report suspect elder financial exploitation by October 1, 2024.
TBI fulfilled its requirement and, on October 1, launched the hotline that financial institutions can reach by calling 1-888-PAUSETN. Callers will then receive instructions on filing a secure, online report and TBI, in turn, will refer appropriate cases to the relevant district attorney’s office, local law enforcement, or investigate the matter internally.
But this is just step one for the hotline. TBI also will train local law enforcement on how to handle reports of elder financial exploitation as well as train employees of financial institutions across the state about the hotline.
We will also collaborate and continue to advocate for the necessary funding for TBI investigators dedicated to the elderly who can act on the hotline reports. I am certain we can achieve this, but to do so, we must first show how well utilized the hotline is. My ask is that every suspicion of elder financial exploitation be reported to the hotline. This will allow TBI to make a strong a case for the need for investigators by not only allowing them to show the dollars they’ve been able to recover but also report the specific circumstances of each situation. Please note, however, that reports to the TBI hotline supplement and do not replace reports to APS.
By combining the tools from the 2017 law and the launch of this first-of-its-kind TBI hotline, Tennessee continues to lead the country in efforts to combat elder financial exploitation. Thank you for all you and your bank are doing to protect your elderly customers.