H.R. 10242 — Janie Wynn Protecting Elders from Financial Exploitation Act

This section directs the Director of the Bureau of Consumer Financial Protection, within 180 days of enactment and in consultation with the Secretary of the Treasury and the Director of the Financial Crimes Enforcement Network, to issue a rule requiring issuers of pre-approved credit cards to senior citizens to send fraud alerts upon activation to both the cardholder and a designated individual at least 25 years old. It also requires depository institutions and credit unions to train fraud-detection staff on identifying senior financial exploitation and to notify affected seniors within 24 hours of 12 specified account activities, including irregular ATM or wire transfers, cash withdrawals over $100 for gift cards, and address changes. The rule must allow a waiver of the secondary alert if the cardholder signs an acknowledgment of increased risk that the issuer retains for at least 5 years after deactivation.