[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8922 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 8922
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 2, 2024
Mr. Higgins of Louisiana introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Janie Wynn Protecting Elders from
Financial Exploitation Act''.
SEC. 2. PREVENTION OF SENIOR CITIZEN FINANCIAL EXPLOITATION.
(a) In General.--Not later than 180 days after the date of the
enactment of this Act, the Director of the Bureau of Consumer Financial
Protection, in consultation with the Secretary of the Treasury and the
Director of the Financial Crimes Enforcement Network, shall issue a
final rule requiring--
(1) any card issuer that issues a pre-approved credit card
to a senior citizen to provide fraud alerts for such credit
card upon activation to--
(A) the cardholder; and
(B) except as provided in subsection (b), an
individual selected by the cardholder who is at least
25 years old and--
(i) is a relative or spouse of the
cardholder; or
(ii) has provided a description to the card
issuer of the nature of their relationship with
the cardholder; and
(2) each depository institution and credit union to provide
training to employees who perform fraud detection services on
how to identify account activity that is indicative of
financial exploitation of a senior citizen and notify any
senior citizen that possesses an account with the depository
institution or credit union within 24 hours of any such account
activity occurring in such account, including--
(A) the irregular use of--
(i) an automated teller machine;
(ii) a credit card;
(iii) an online banking service; or
(iv) a wire transfer;
(B) an irregular cash withdrawal;
(C) an irregular credit card charge;
(D) the absence of a regularly occurring deposit;
(E) account activity in a previously inactive
account;
(F) the addition of an authorized user to an
account;
(G) a change of address associated with an account;
(H) an inability to cover a charged payment due to
insufficient funds in an account;
(I) a request for a credit limit increase;
(J) a charged payment for the purchase of gift
cards or prepaid debit cards worth over $100 in total;
(K) an electronic payment from an account through
the Automated Clearing House network to a recipient
with no history of prior payment from such account; and
(L) a gap in the check number of checks cashed from
an account.
(b) Exception.--The Director of the Bureau of Consumer Financial
Protection shall include in the rule required under subsection (a) a
waiver of the requirements of paragraph (1)(B) of such subsection if--
(1) the cardholder signs a waiver acknowledging an
increased risk of financial exploitation; and
(2) the card issuer retains a copy of such waiver until at
least 5 years after the date that the pre-approved credit card
is deactivated.
(c) Definitions.--In this Act:
(1) Cardholder; card issuer.--The terms ``cardholder'' and
``card issuer'' have the meanings given such terms,
respectively, in section 103 of the Truth in Lending Act (15
U.S.C. 1602).
(2) Credit union.--The term ``credit union'' means a
Federal credit union, a State credit union, or a State-
chartered credit union (as such terms are defined,
respectively, in section 101 of the Federal Credit Union Act
(12 U.S.C. 1752)).
(3) Depository institution.--The term ``depository
institution'' has the meaning given such term in section 3 of
the Federal Deposit Insurance Act (12 U.S.C. 1813).
(4) Exploitation; senior citizen.--The terms
``exploitation'' and ``senior citizen'' have the meanings given
such terms, respectively, in section 303 of the Economic
Growth, Regulatory Relief, and Consumer Protection Act (12
U.S.C. 3423).
(5) Fraud alert.--The term ``fraud alert'' means a notice
provided by a card issuer to an individual of suspected
fraudulent activity connected to a credit card associated with
such individual and managed by such card issuer that--
(A) is communicated by means of a phone call,
email, or text message;
(B) describes the suspected fraudulent activity in
sufficient detail to alert the individual of such
activity, including account activity that is indicative
of financial exploitation of a senior citizen; and
(C) includes information on how to communicate with
the card issuer regarding the suspected fraudulent
activity at any time of the day and on any day of the
week.
(6) Pre-approved credit card.--The term ``pre-approved
credit card'' means a credit card issued as a result of the
acceptance of an offer extended to an individual to apply for
such credit card based on a determination by the card issuer
that such individual likely satisfied the qualifications for
obtaining such credit card, including an offer extended to an
individual to apply for such credit card that grants elevated
or priority consideration for approval to the individual.
<all>