Protection from Financial Exploitation

Summary

The bill lets financial institutions decline or place on hold accounts and transactions when they reasonably suspect an eligible adult is being exploited. It defines eligible adults as people 55 or older or other vulnerable adults, and sets procedures for notice, reporting, and limited liability. The goal is to give banks a tool to stop fraud before it harms vulnerable customers.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share