Ohio House Financial Institutions Committee Holds Hearings on Elder Fraud Protections (HB 560) and Crypto Kiosks (HB 648)

03/18/26

The House Financial Institutions Committee is meeting this afternoon to consider two OBL supported measures focused on fraud prevention and consumer protection - HB 560, the Protect Our Parents Act, and HB 648, the ELDER Act (Digital Asset Kiosks/Crypto ATMs). OBL is engaged in both bills and will continue working with sponsors and committee members as the bills advance.

HB 560 - Protect Our Parents Act (Elder Exploitation & Fraud)

HB 560, sponsored by Reps. D.J. Swearingen (R-Huron) and Andrea White (R-Kettering) will receive its second hearing with proponent testimony. OBL's Senior Vice President of Government Relations & General Counsel, Don Boyd, will testify in support of the bill, focusing his remarks on the bill's mission to combat elder financial exploitation while maintaining timely access to funds. Key highlights for OBL's testimony:

• Why HB 560 is needed: Banks are often the first to detect red flags - unusual withdrawals, urgent wire requests, and out-of-pattern activity - but lack clear statutory authority to pause transactions long enough to determine whether fraud is occurring. HB 560 fills that gap with temporary, good faith holds and a clear process to escalate concerns.
• Balanced approach: The bill adds tools without undermining access, recognizing banks' dual responsibility to protect customers and avoid unnecessary delays of legitimate transactions.
• Program elements that work: The hold authority offered in the bill is permissive, not mandatory, for banks to implement. If implemented, it requires prompt reporting to the Division of Financial Institutions and county Adult Protective Services. The bill also provides the option to notify a trusted contact (unless implicated). It also includes guidance for required internal procedures and training, should a bank implement these holds, and safe harbor protections for good faith actions or failure to act. Together, these features create clarity, flexibility, and accountability.
• Escalating threat landscape: Fraud schemes are growing more sophisticated (AI-assisted impersonation, spoofing, coordinated social engineering), which makes brief holds and rapid coordination with investigators critical to prevent losses - especially before funds move to irreversible channels like wires, P2P, or crypto.
• Customer expectations: Most customers expect banks to proactively protect them and value fraud alerts - reinforcing the need for clear authority to act quickly when exploitation is suspected.

Bottom line: HB 560 would expand institutions' hold authority, align training with existing frameworks, and preserve immunity for good faith actions - advancing a practical tool OBL supports to protect Ohio seniors.

Feedback Request: OBL is continuing to gather feedback from members on the impact of this bill. If you have anonymized examples of suspected fraudulent transactions by elder customers, please share with Don at [email protected] .

HB 648 - ELDER Act (Digital Asset Kiosks/Crypto ATMs)

The committee will also hold a first hearing with sponsor testimony on HB 648 from Reps. Matthew Kishman (R-Minerva) and Melanie Miller (R-Ashland). The bill establishes a regulatory frameworkfor digital asset kiosks and digital asset wallets operating in Ohio, with a strong focus on front-end fraud prevention.

HB 648 would require kiosk operators to register as money transmitters with the Ohio Division of Financial Institutions (ODFI), implement identity verification, comply with robust disclosures and antifraud controls, and observe transaction limits (with inflation adjustments). It further provides a 72-hour hold for new customers and creates refund procedures for certain fraudulent transactions. The bill mandates prominent disclosures (e.g., digital assets are not FDIC/NCUA/SIPC insured, transactions may be irreversible) and requires operators to speak by phone with new customers age 60+ attempting transactions of $1,000+ before completion.

OBL supports HB 648 and has joined a coalition led by AARP Ohio through our seat on the Attorney General's Elder Abuse Commission. The coalition's shared goal is to stop scams before they start by hard-wiring protections into high-risk channels.

Next Steps

OBL will remain actively engaged with the sponsors and the committee on both bills, provide timely updates to members, and distribute action alerts as warranted. For questions or to share feedback, please contact Don Boyd at [email protected]