H.R. 10350 — Protecting Elders from Wire Fraud Act

This section requires covered financial institutions to report suspected exploitation of senior citizens to a covered agency within 5 days, include specified details such as the senior’s name, age, address, and nature of the suspected exploitation, and provide requested records within 2 business days. It mandates that institutions place a hold on suspicious transactions for up to 30 business days (extendable for two additional 30-day periods), notify a trusted contact within 1 day, and permits limited information sharing with reasonably associated persons while providing safe harbor from liability for good-faith compliance. The changes take effect 180 days after enactment.