STOP Senior Fraud Act

Protection against fraud and exploitation: Financial institutions can refuse or delay transactions if they reasonably believe exploitation is happening or being attempted, protecting the funds of older adults, vulnerable persons, or those with previous fraud history (Section 2(a)).

Identification of vulnerable individuals: The bill provides specific protections for "vulnerable persons," defined as those with physical or mental impairments or developmental disabilities (Section 2(h)).

Communication with support networks: Institutions are required to notify trusted contacts or relevant parties about suspected exploitation, allowing for timely intervention (Section 2(c)).

Accountability through reporting: Financial institutions must report suspected exploitation to State and local protective services, law enforcement, and Federal regulatory authorities (Section 2(c)).

Preparedness of staff: Financial institutions are mandated to train employees to identify financial exploitation and handle transactions involving vulnerable populations (Section 2(d)).

Delayed access to funds: Transactions or disbursements can be delayed for up to 55 days, or as long as 85 days if an internal review is conducted (Section 2(b)).

Potential for unauthorized withholding of funds: A financial institution may refuse a transaction based on a reasonable belief of exploitation, which could impact an individual's access to their own money (Section 2(a)).