HouseH.R. 10350119th Congress
Protecting Elders from Wire Fraud Act
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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10350 Introduced in House (IH)]
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119th CONGRESS
2d Session
H. R. 10350
To protect elders from wire fraud by imposing requirements on covered
financial institutions, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 10, 2026
Mr. Whitesides (for himself, Ms. Salazar, and Mr. Davis of North
Carolina) introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To protect elders from wire fraud by imposing requirements on covered
financial institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Protecting Elders from Wire Fraud
Act''.
SEC. 2. DUTIES OF COVERED FINANCIAL INSTITUTIONS.
(a) In General.--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) In general.--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) Report contents.--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) Hold on transaction.--
``(A) In general.--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) Report required.--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) Trusted contact.--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) Exception.--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) Access to records.--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) In general.--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) Permitted disclosure.--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) Safe Harbor.--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) Non-Preemption.--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) Effective Date.--The amendments made by this section shall take
effect 180 days after the date of the enactment of this section.
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