STOP Senior Fraud Act

This bill would allow banks and other financial institutions to refuse or temporarily delay a withdrawal or transaction if they reasonably believe financial exploitation is happening and the account belongs to an adult age 62 or older, a person with certain disabilities, or a person who previously reported fraud on the account. A delay could last up to 55 days, or up to 85 days after an internal review. The institution would have to notify account holders and a trusted contact, and report the suspected exploitation to protective services, law enforcement, and a federal regulator within two business days. Institutions would have to train employees who handle transactions and would not be liable for acting in good faith under these rules.

Full text and official record on Congress.gov

Sponsors

• Donald G. Davis Democrat sponsor
• 3 cosponsors