CFP Board Celebrates House Passage of Bipartisan Legislation to Strengthen Protections Against Financial Exploitation

WASHINGTON, D.C. - CFP Board applauds the U.S. House of Representatives for passing the bipartisan Financial Exploitation Prevention Act (H.R. 2478) to strengthen protections against the financial exploitation of seniors and vulnerable adults by an overwhelming majority vote of 414-2. CFP Board commends Rep. Ann Wagner (R-MO) and Rep. Josh Gottheimer (D-NJ) for their leadership in advancing this important legislation, which would allow mutual funds and transfer agents to pause fund redemptions when they believe they are the result of financial exploitation of the investor. Financial exploitation can devastate older Americans and vulnerable adults, who often cannot recover from major financial losses.

CFP has worked with members of Congress, states, and regulators to support stronger safeguards for seniors and vulnerable adults, emphasizing the need for consistent tools that enable financial professionals to respond when warning signs of exploitation emerge. Measures like this help close gaps across jurisdictions and better protect Americans regardless of where they live.

CFP Board's most recent research report, "Don't Fall For It: Guarding Against Financial Fraud," found that financial fraud remains widespread and underreported, with many victims unsure where to turn and reluctant to contact authorities. These findings underscore the need to modernize prevention and response tools so that trusted financial professionals can help detect suspicious activity early.

The CFP Board urges the Senate to build on today's momentum by advancing this bipartisan legislation and sending it to the President's desk. CFP Board encourages consumers, financial professionals and other advocates to join us in urging the U.S. Senate to pass this bipartisan legislation and strengthen protections for seniors and vulnerable adults. Learn more and take action through the CFP Board Advocacy Center.