Protecting Elders from Wire Fraud Act
The source supplies the latest action, but no lifecycle stage.
Latest action (10 Sep 2026): Referred to the House Committee on Financial Services.
What this bill does
H.R. 10350, the "Protecting Elders from Wire Fraud Act," would amend existing federal banking law (the Economic Growth, Regulatory Relief, and Consumer Protection Act) to strengthen protections against financial exploitation of senior citizens. It would change current permissive language into mandatory requirements: bank employees and other covered individuals who suspect exploitation of an elderly customer would be required, not merely permitted, to report it to a designated government agency within five days, providing specified details such as the senior's identity, the suspected exploitation, and contact information. Financial institutions would be required to place a temporary hold—up to 30 business days, extendable twice—on a suspicious transaction, notify a trusted contact within one day, and turn over related records to investigating agencies within two business days.
The bill primarily affects "covered financial institutions" (banks, investment firms, and insurance-related entities) and their employees, as well as elderly account holders and their trusted contacts or guardians. It also grants institutions and employees a legal safe harbor from liability when they act in good faith to delay transactions or report suspected exploitation, while preserving state consumer-protection laws that offer greater protections. The changes would take effect 180 days after enactment.
The bill was introduced on September 10, 2026, by Rep. George Whitesides with two cosponsors, and referred to the House Committee on Financial Services. It has not yet received a committee vote, floor vote, or further action.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
10 Sep 2026
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 10350 do?
- H.R. 10350, the "Protecting Elders from Wire Fraud Act," would amend existing federal banking law (the Economic Growth, Regulatory Relief, and Consumer Protection Act) to strengthen protections against financial exploitation of senior citizens. It would change current permissive language into mandatory requirements: bank employees and other covered individuals who suspect exploitation of an elderly customer would be required, not merely permitted, to report it to a designated government agency within five days, providing specified details such as the senior's identity, the suspected exploitation, and contact information. Financial institutions would be required to place a temporary hold—up to 30 business days, extendable twice—on a suspicious transaction, notify a trusted contact within one day, and turn over related records to investigating agencies within two business days. The bill primarily affects "covered financial institutions" (banks, investment firms, and insurance-related entities) and their employees, as well as elderly account holders and their trusted contacts or guardians. It also grants institutions and employees a legal safe harbor from liability when they act in good faith to delay transactions or report suspected exploitation, while preserving state consumer-protection laws that offer greater protections. The changes would take effect 180 days after enactment. The bill was introduced on September 10, 2026, by Rep. George Whitesides with two cosponsors, and referred to the House Committee on Financial Services. It has not yet received a committee vote, floor vote, or further action.
- Has H.R. 10350 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 10350. Check the latest action and official source below.
- Who sponsored H.R. 10350?
- H.R. 10350 was sponsored by Rep. Whitesides, George [D-CA-27] (D-CA), with 2 cosponsors.
- What's the latest action on H.R. 10350?
- Referred to the House Committee on Financial Services. (10 Sep 2026).
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