H.R. 370 (112th): PASS Act of 2011

Introduced:
Jan 20, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Joe Baca [D-CA43]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on January 20, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 20, 2011
Referred to Committee Jan 20, 2011
Cosponsors
5 cosponsors (5D) (show)
Committees

House Financial Services

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To require financial institutions to offer services to protect seniors from affinity scams, to report suspected affinity scams, and for other purposes.

Summary

No summaries available.

Text

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Last updated Jan 20, 2011.
11 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/20/2011--Introduced.
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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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