JBT's Ed Martel Testifies Before PA Lawmakers to Help Protect Seniors

Ed Martel, chief operating officer of Jonestown Bank and Trust Company (JBT), recently testified during a joint informational meeting with the PA House Aging and Adult Services and Commerce Committees in Harrisburg. JBT is an institutional member of Pennsylvania Association of Community Bankers (PACB), and the association is supporting legislative efforts to help banks protect seniors from financial fraud. Martel urged lawmakers to consider measures to allow financial institutions the ability to hold transactions that could be fraudulent. He explained that in order to allow such a hold, institutions would need a 'safe harbor,' which would give banks the ability to pause and report potentially harmful ones without the fear of violating privacy or discrimination laws.

"There is no one size fits all approach to combatting fraud," said Martel. "But banks need the ability to report apparent fraudulent transactions without the fear of violating privacy laws. Let us exercise sound judgment and experience in combating fraud. Let those closest to the transactions, and with the expertise, make the decision. Otherwise, legitimate business customer activity will be thwarted. In conjunction with increased law enforcement commitment, this would help us stem the tide."

In addition, Martel advocated for increased cooperation with other entities, including Area Agencies on Aging and law enforcement agencies, which would add extra teeth to combat financial fraud aimed at seniors.

"PACB is also in support of efforts in the Pennsylvania Senate, specifically Senate Bill 738, authored by state Senators Chris Gebhart and Street. This bill would provide community banks and other financial institutions the tools to intervene if they suspect a senior is being taken advantage of financially," said PACB President and CEO Kevin Shivers. "Since early 2023, we have worked closely with the Shapiro Administration and legislative leaders to collaborate on stronger protections for seniors to protect them from being financially victimized. We stand with our community banks across Pennsylvania and remain committed to protecting all customers, including our seniors."