H.R. 10242
Janie Wynn Protecting Elders from Financial Exploitation Act
Summary:
• Requires the Bureau of Consumer Financial Protection to issue a rule within 180 days mandating that card issuers of pre-approved credit cards to senior citizens provide fraud alerts upon card activation to the cardholder and a designated trusted contact person aged 25 or older
• Requires depository institutions and credit unions to train fraud detection employees to identify financial exploitation of senior citizens and notify affected seniors within 24 hours of suspicious account activity, covering 12 specific types of irregular activity
• Senior citizen cardholders may waive the trusted contact requirement by signing an acknowledgment of increased exploitation risk, with the card issuer retaining the waiver for at least 5 years after card deactivation
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• Requires depository institutions and credit unions to train fraud detection employees to identify financial exploitation of senior citizens and notify affected seniors within 24 hours of suspicious account activity, covering 12 specific types of irregular activity
• Senior citizen cardholders may waive the trusted contact requirement by signing an acknowledgment of increased exploitation risk, with the card issuer retaining the waiver for at least 5 years after card deactivation
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