We're still sorting through these questions ourselves, but overall this is a positive change for banks.
...provides for a third party to take measures to verify the authenticity of the POA on the front end
I wouldn't quite describe the expanded provisions as verifying the authenticity of the POA, but they at least provide opportinuty for banks (and other parties) to address some of the most common concerns that would cause us to consider rejecting a POA.
That said, I think the bank that has decided to no longer accept POAs is stepping on a landmine. Neither the old law nor the new allow us such broad authority to reject all POAs wholesale. In fact, both say that we
must accept POAs
unless the certain delineated conditions exist.