Will provide safe harbor for financial institutions acting in good faith to protect seniors from suspected wire fraud.

George Whitesides · California · Democratic

policy impact 0.48 specificity 0.82 extraction confidence 94%

Commitment kind: action. Promised action: Provide safe harbor for financial institutions acting in good faith.. Promised outcome: Encourage financial institutions to intervene in suspected senior wire fraud without undue liability risk.. Deadline: unknown; not assumed expired. As U.S. Representative for California's 27th District, George Whitesides co-introduced the Protecting Elders from Wire Fraud Act in Congress.

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The Protecting Elders from Wire Fraud Act would: Require covered financial institutions to place holds up to 90 days on transactions leaving a senior’s account where financial exploitation is suspected to allow for the legitimacy of the transaction to be determined. Direct financial institutions to reach out to trusted contacts associated with the senior’s account when a hold is placed. Provide safe harbor for financial institutions acting in good faith.

Whitesides' bill would provide safe harbor protections for financial institutions that act in good faith under the senior wire-fraud prevention framework.

Reps. George Whitesides, Maria Salazar, and Don Davis Introduce Bipartisan Bill to Protect Seniors From Wire Fraud | Representative George Whitesides
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