Protecting Elders from Wire Fraud Act

This bill changes a federal law about financial exploitation of senior citizens so that certain financial institution employees must take action instead of only being allowed to. An employee who suspects a senior is being financially exploited would have to report it to a designated agency within 5 days, including details about the senior and the suspected exploitation. The institution would have to put a hold of up to 30 business days on the suspected transaction, notify a trusted contact within 1 day, and could extend the hold for two more 30-day periods. Institutions would have to give requested records to the agency within 2 business days and would be protected from lawsuits for good-faith holds and disclosures. The changes would take effect 180 days after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• George Whitesides Democrat sponsor
• 2 cosponsors