There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (09/29/2010)

Preventing Affinity Scams for Seniors Act of 2010 or PASS Act of 2010 - 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 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.