Protecting Elders from Wire Fraud Act
Sponsored By: Representative Whitesides, George [D-CA-27]
Introduced
Summary
Would require banks, brokers, and similar firms to report suspected elder financial exploitation and to pause suspicious transactions to protect seniors. It would create specific duties for covered employees, set timelines for reporting and holds, allow limited information sharing with trusted contacts and agencies, and include safe-harbor and state-law protections. It would take effect 180 days after enactment.
Show full summary
- Families and seniors: Institutions could place a hold on a suspicious transaction for up to 30 business days, with two possible 30-day extensions, and must notify a trusted contact within 1 business day when a hold is placed. This gives families and contacts time to check suspected abuse.
- Workers at financial firms: A covered employee who suspects exploitation would have to report to a covered agency within 5 days and include details like the senior's name, age, address, guardian or next of kin if known, and the nature of the suspected exploitation.
- Agencies and investigators: Covered institutions must provide records within 2 business days of a request and may share information with reasonably associated persons, adult protective services, or law enforcement. The bill adds safe-harbor liability protections for good-faith holds and disclosures and preserves stronger state consumer protections where they exist.
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 3 benefits, 0 costs, 2 mixed.
Temporary holds and trusted notices
If enacted, a bank employee who suspects a senior is being exploited would trigger a hold on the proposed transaction for up to 30 business days. The bank could extend the hold up to two more 30-business-day periods if legitimacy is unresolved (up to 90 business days total). When a hold is placed, the bank would have to notify a trusted contact or another appropriate third party not later than 1 day, naming the account and transaction, explaining the reason, and giving contact information.
Safe harbor and required bank duties
If enacted, the bill would change some previously optional bank actions into required duties and give banks and their employees a safe harbor from lawsuits for good-faith actions taken under the rules. That means covered institutions would have to follow the new reporting and hold duties, but would be shielded from liability when they refuse or delay transactions or share information as allowed, so long as they act in good faith and follow the section.
Faster reporting and bank records
If enacted, a bank employee who suspects a senior is being exploited would have to report that suspicion to a covered agency within 5 days. If the bank places a hold, the employee would have to report within 1 business day. If a covered agency asks for records about the suspected exploitation, the bank would have to provide those records within 2 business days.
State protections kept, six-month start
If enacted, the bill would say that these federal rules do not cancel state consumer protection laws that give greater protection to consumers. The bill would also start these changes 180 days after enactment so banks and agencies have six months to prepare.
Who can report and share
If enacted, the bill would define who counts as a 'covered individual' and is immune from suit when reporting suspected elder exploitation. It would let that covered individual share limited information with a person reasonably associated with the senior, unless the covered person believes that the associated person is helping the exploit. If the person is not the senior's agent or fiduciary, disclosures would be limited to saying there is reasonable cause to suspect exploitation and the nature of the suspected scheme.
Sponsors & CoSponsors
Sponsor
Whitesides, George [D-CA-27]
CA • D
Cosponsors
Rep. Salazar, Maria Elvira [R-FL-27]
FL • R
Sponsored 9/10/2026
Rep. Davis, Donald G. [D-NC-1]
NC • D
Sponsored 9/10/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov