119 HR 10350 IH: Protecting Elders from Wire Fraud Act
U.S. House of Representatives
2026-09-10
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.
1.This Act may be cited as the Protecting Elders from Wire Fraud Act
. 2.Duties of covered financial institutions (a)Section 303 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (12 U.S.C. 3423) is amended—
(1)in subsection (a)(1)— (A)in subparagraph (Q), by striking and
at the end;
(B)in subparagraph (R), by striking the period at the end and inserting ; and
; and (C)by adding at the end the following:
(S)the term covered individual
means a person who is immune from suit under paragraph (2).. (2)in subsection (b)—
(A)in paragraph (1), by striking a covered financial institution may
and inserting a covered financial institution shall
; and (B)in paragraph (2)(A), by striking the covered financial institution may
and inserting the covered financial institution shall
;
(3)
by redesignating subsection (c) as subsection (f); and (4)by inserting after subsection (b) the following:
(c)Duties of covered financial institutions
(1)If a covered individual suspects exploitation of a senior citizen, such covered individual shall report such suspected exploitation to a covered agency not later than 5 days after such individual initially suspects such exploitation. (2)When a covered individual reports suspected exploitation under paragraph (2), such covered individual shall include the following information:
(A)The name, age, and address of the senior citizen to which the suspected exploitation relates; (B)The name and address, if known, of any guardian or next of kin of such senior citizen;
(C)The name and address of the covered financial institution, registered representative, investment adviser representative, or insurance producer that employs the individual; (D) Contact information for the covered individual;
(E)
The nature of the suspected financial exploitation; and
(F)Any specific comments, observations, or other information that directly relate to the suspected financial exploitation that the individuals believes will assist the covered agency in investigating the suspected exploitation. (3) (A)If a covered individual suspects exploitation of a senior citizen, the covered financial institution for which such covered person works shall place a hold on a proposed transaction for not more than 30 business days to determine the legitimacy of the proposed transaction.
(B)If a covered financial institution places a hold a proposed transaction under subparagraph (A), the covered person who suspected exploitation shall report such suspected exploitation to a covered agency, as required under paragraph (2), not later than 1 business day after the covered financial institution places a hold on such proposed transaction. (C)If a covered financial institution places a hold on a proposed transaction under subparagraph (A), such covered financial institution shall, not later than 1 day after placing such hold, notify a trusted contact identified by the owner of the account or a third party such covered financial institution has determined is reasonably associated with the holder of the account, if available and appropriate and not suspected of the fraud, as determined by such covered financial institution the following information:
(i)An identification of the account and transaction to which the hold relates. (ii)The reason the covered financial institution placed a hold on the proposed transaction.
(iii)Contact information for the covered financial institution. (D)A covered financial institution may extend the hold placed on a transaction under subparagraph (A) for 2 subsequent 30-day periods after the end of the period described in subparagraph (A) if the legitimacy of the transaction has not been determined by such covered financial institution.
(4)A covered financial institution that receives a request for records relating to suspected exploitation from a covered agency shall provide such records to such covered agency not later than 2 business days after the date on which such request was received. (d)Permitted sharing of information with reasonably associated persons (1)Notwithstanding any other provision of law a covered individual may provide information to a person that such covered individual determines is reasonably associated with a senior citizen with respect to whom the covered individual suspects exploitation unless the covered individual has reason to believe that the person reasonably associated with the senior citizen is knowingly engaged in or facilitating the suspected exploitation.
(2)Unless the person determined to be reasonably associated with a senior citizen under paragraph (1) is an authorized agent or fiduciary of the senior citizen, the covered person may only share the following information with the person that there is reasonable cause to suspect that the senior citizen may be a victim or target of exploitation and the nature of such suspected exploitation. (e)A covered financial institution shall not be liable to any person—
(1)for refusing or delaying a disbursement or transaction in good faith and in compliance with this section; or (2)for disclosing information to a trusted contact, adult protective services, or an appropriate law enforcement authority in compliance with this section.
(f)
Subsections (c), (d), and (e) do not annul, alter, or affect, or exempt any person subject to the provisions of such subsection from complying with the laws of any State with respect to consumer protection, except to the extent that those laws are inconsistent with any provision of this subchapter, and then only to the extent of the inconsistency. For purposes of this section, a State law is not inconsistent with this subchapter if the protection such law affords any consumer is greater than the protection provided by this subchapter.
.
(b)The amendments made by this section shall take effect 180 days after the date of the enactment of this section.