Janie Wynn Protecting Elders from Financial Exploitation Act

This bill would require the Consumer Financial Protection Bureau to issue a final rule within 180 days of enactment about financial exploitation of senior citizens. Under the rule, companies that issue pre-approved credit cards to senior citizens would have to send fraud alerts to the cardholder and to a person the cardholder picks who is at least 25 years old. The cardholder could waive the second contact by signing a waiver, which the card issuer must keep for at least 5 years after the card is deactivated. Banks and credit unions would have to train fraud detection employees to spot account activity that may signal exploitation of a senior. They would also have to notify the senior within 24 hours of such activity, such as irregular withdrawals or gift card purchases over $100.

Full text and official record on Congress.gov

Sponsors

• Clay Higgins Republican sponsor
• 0 cosponsors