H.R. 370 · 112th Congress
PASS Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BacaSponsor5 cosponsors · 5 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Preventing Affinity Scams for Seniors Act of 2011 or PASS Act of 2011 - Defines "affinity scam" as a transaction in which a person trusted by a senior, such as a caregiver, relative, guardian, "new friend," or service provider, claims to share similar interests or values and establishes a relationship with the senior, then uses the relationship to defraud…
What it does: CRS summary · Introduced in House · Jan 20, 2011
Preventing Affinity Scams for Seniors Act of 2011 or PASS Act of 2011 - Defines "affinity scam" as a transaction in which a person trusted by a senior, such as a caregiver, relative, guardian, "new friend," or service provider, claims to share similar interests or values and establishes a relationship with the senior, then uses the relationship to defraud the senior.
Requires each financial institution to: (1) educate its staff about affinity scams and how to identify transactions that may be part of an affinity scam, (2) train staff members on educating seniors about affinity scams, (3) provide senior depositors with educational materials on how to identify affinity scams, and (4) offer seniors a "senior protection (checking) account."
Directs the Bureau of Consumer Financial Protection (CFPB) to: (1) issue implementing regulations, and (2) audit financial institutions periodically to ensure compliance with them.
Sets forth senior protection account requirements, including protective measures to block and investigate transactions suspected of being an affinity scam.
Instructs the Secretary of the Treasury to establish an income tax deduction of .77% of the average of the amount of deposits held by a financial institution in senior protection accounts.
Subjects a noncompliant financial institution to a civil liability with respect to a senior who has sustained actual damage as a result of the institution's failure to comply with this Act.
Directs the Secretary to require each financial institution, and each of its directors, officers, employees, or agents, to report any suspicious transaction relevant to a possible affinity scam.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: PASS Act of 2011
Also known as: Preventing Affinity Scams for Seniors Act of 2011
Latest action (Mar 23, 2011): Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jan 20, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.