H.R. 10350
Requires banks to report suspected elder fraud
Makes financial firms report suspected fraud against older customers to an agency within 5 days and pause suspicious transactions for up to 30 business days.
- Firms would have to report suspected elder fraud to a government agency within 5 days
- Suspicious transactions would be held up to 30 business days, with two possible 30-day extensions
- A trusted contact on the account would be told within 1 day of the hold
- Firms could not be sued for good-faith delays or disclosures
In committee