To require the Director of the Bureau of Consumer Financial Protection to issue a final rule requiring any card issuer that issues a pre-approved credit card to a senior citizen to provide fraud alerts to certain individuals, and for other purposes.
About This Bill
Committee
Latest Action · July 2, 2024
Referred to the House Committee on Financial Services.
This bill requires credit card companies and banks to better protect senior citizens from financial fraud and exploitation. Credit card issuers must send fraud alerts to seniors and a trusted contact of the senior's choosing when a pre-approved credit card is activated, while banks and credit unions must train employees to spot suspicious account activity and notify seniors within 24 hours if they detect signs of financial exploitation, such as unusual withdrawals, gift card purchases, or address changes. The Bureau of Consumer Financial Protection must issue rules implementing these protections within 180 days of the law's enactment, though seniors can waive the requirement to notify a trusted contact by signing an acknowledgment form. The bill carries no specific appropriations but creates new compliance obligations for financial institutions nationwide.
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