U.S. Senator Elizabeth Warren, Ranking Member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, sent a letter to the National Association of Unclaimed Property Administrators requesting data and raising concerns that state escheatment processes may be ineffective in reuniting unclaimed property with rightful owners. The letter points to an increase in property owners suing states to access unclaimed property and questions whether states have sufficient incentives and procedures to return assets rather than retain escheated funds. The request focuses on reported state policy shifts that may increase the likelihood assets are deemed unclaimed, including more aggressive “inactivity” standards and the shortening of dormancy periods to three years from five. The letter argues these trends can conflict with “buy and hold” investment behavior, particularly for retirement savers who may not frequently monitor accounts, and asks for information on state escheatment laws and a state-by-state breakdown of escheated funds. NAUPA was asked to respond to the inquiries by May 1, 2026.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-04-16
U.S. Senate Committee on Banking, Housing and Urban Affairs presses NAUPA for state-by-state escheatment data amid concerns over unclaimed property processes
U.S. Senator Elizabeth Warren, Ranking Member of the Senate Banking Committee, has requested data from the National Association of Unclaimed Property Administrators on state escheatment practices, citing concerns that current processes may be ineffective in reuniting unclaimed property with owners. The letter highlights reported policy shifts such as more aggressive inactivity standards and shorter dormancy periods, and seeks information on state escheatment laws and a state-by-state breakdown of escheated funds.