New California Law Helps Protect Seniors from Financial Scams
Beginning January 1, 2026, California’s new law (SB 278) strengthens protections for seniors against financial scams and exploitation. At SRI Federal Credit Union, we believe in protecting our members, which is why we are implementing these protections ahead of the official effective date. This law, championed by Bill Dodd, is designed to help prevent elder financial abuse by creating an extra layer of security and support. What Is SB 278? SB 278 requires financial institutions to maintain an Emergency Financial Contact Program for members ages 65 and older. This allows members to name a trusted contact who we can notify if suspected abuse or unusual activity occurs during employee-assisted transactions. At SRI Federal Credit Union, we are adopting these protections early to help keep our senior members safer, sooner. How Our Early Program Works To make enrollment easy, we will include a Trusted Contact Authorization Form inside the 2025 year-end account statements. With this form, members can: If you would like to complete the form before receiving your year-end statement, simply contact us, and we will be happy to send it to you. Key Protections You Can Expect As part of this program, we may: These protections mainly apply to employee-assisted transactions, such as teller withdrawals and in-branch transfers. What This Means for Seniors If you are 65 or older, you may notice: These safeguards are designed to protect you, not to slow down legitimate access to your funds. Our Commitment to You At SRI Federal Credit Union, your safety comes first. Implementing these protections early reflects our commitment to helping prevent fraud and protect the financial well-being of our members. If you have questions or would like a Trusted Contact Authorization Form sent to you before your statement arrives, please contact us.