3.0.0 370 2023-01-11T13:20:57Z 2023-01-11T13:20:57Z House H HR 2011-01-20 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BACA:H.R. 370.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1 of the U.S. Constitution.[Page H396]]]> hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Referred to 2011-03-23T15:57:17Z Referred to 2011-01-20T14:02:20Z hswm00 Ways and Means Committee House Standing Referred to 2011-01-20T14:02:25Z 2011-03-23 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2011-01-20 Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-01-20 Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2011-01-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-01-20 Introduced in House IntroReferral 1000 9 Library of Congress B001234 Rep. Baca, Joe [D-CA-43] JOE BACA D CA 43 N R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 2011-01-25 False C001067 Rep. Clarke, Yvette D. [D-NY-11] Yvette Clarke D NY D. 11 2011-06-02 False W000797 Rep. Wasserman Schultz, Debbie [D-FL-20] Debbie Wasserman Schultz D FL 20 2011-09-20 False K000336 Rep. Kucinich, Dennis J. [D-OH-10] DENNIS KUCINICH D OH J. 10 2011-12-16 False H001034 Rep. Honda, Michael M. [D-CA-15] MICHAEL HONDA D CA M. 15 2012-02-29 False Finance and Financial Sector Administrative law and regulatory procedures Aging Bank accounts, deposits, capital Banking and financial institutions regulation Civil actions and liability Consumer Financial Protection Bureau Consumer affairs Federal Reserve System Fraud offenses and financial crimes Income tax deductions Finance and Financial Sector 00 2011-01-20 Introduced in House 2011-03-23T22:00:30Z Preventing Affinity Scams for Seniors Act of 2011 or PASS Act of 2011 - Defines "affinity scam" as a transaction in which a person trusted by a senior, such as a caregiver, relative, guardian, "new friend," or service provider, claims to share similar interests or values and establishes a relationship with the senior, then uses the relationship to defraud the senior.

Requires each financial institution to: (1) educate its staff about affinity scams and how to identify transactions that may be part of an affinity scam, (2) train staff members on educating seniors about affinity scams, (3) provide senior depositors with educational materials on how to identify affinity scams, and (4) offer seniors a "senior protection (checking) account."

Directs the Bureau of Consumer Financial Protection (CFPB) to: (1) issue implementing regulations, and (2) audit financial institutions periodically to ensure compliance with them.

Sets forth senior protection account requirements, including protective measures to block and investigate transactions suspected of being an affinity scam.

Instructs the Secretary of the Treasury to establish an income tax deduction of .77% of the average of the amount of deposits held by a financial institution in senior protection accounts.

Subjects a noncompliant financial institution to a civil liability with respect to a senior who has sustained actual damage as a result of the institution's failure to comply with this Act.

Directs the Secretary to require each financial institution, and each of its directors, officers, employees, or agents, to report any suspicious transaction relevant to a possible affinity scam.

]]> PASS Act of 2011 Display Title PASS Act of 2011 Official Title as Introduced To require financial institutions to offer services to protect seniors from affinity scams, to report suspected affinity scams, and for other purposes. Introduced in House IH Short Titles as Introduced PASS Act of 2011 Short Titles as Introduced Preventing Affinity Scams for Seniors Act of 2011 Introduced in House 2011-01-20T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr370ih/xml/BILLS-112hr370ih.xml 2011-03-23 Referred to the Subcommittee on Financial Institutions and Consumer Credit. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.