Financial providers may offer trusted-contact safeguards against exploitation

Financial services providers may offer customers a trusted-contact program and may report suspected fraud or financial exploitation to public agencies. The program applies to financial services provider customers and may use trusted contacts who are at least 18 years old. Reports may go to federal, state, county, or municipal law enforcement or public protective agencies. A customer may name one or more trusted contacts. Providers may contact a trusted contact when the customer cannot be reached, an urgent matter or emergency arises, suspected fraud or exploitation targets the customer, or an account is dormant and the provider is checking the customer's status and location. Customers may remove a trusted contact, and trusted contacts may withdraw. The provider may require documentation or verification. The status information lists August 1, 2026, as the effective date for these provisions.

Financial services providers may offer accounts with transaction limits and limited access for trusted contacts to view account activity. The feature is available to customers who receive an account from a financial services provider and may allow access for one or more trusted contacts. Providers may choose whether to offer these accounts. The account may limit transactions and allow only limited viewing of account activity. The status information lists August 1, 2026, as the effective date for this provision.

Financial services providers would not be civilly liable for specified trusted-contact actions, reports, or program decisions, and qualifying trusted contacts would be immune from liability. The protections cover providers, their trusted-contact programs, reports of suspected fraud or exploitation, and trusted contacts who act in good faith with reasonable care. A provider is not liable for a trusted contact's actions. A provider is protected when it declines to work with a trusted contact after, in good faith and with reasonable care, deciding that the contact is not acting in the customer's best interests. A trusted contact receives immunity only when acting in good faith and with reasonable care. The status information lists August 1, 2026, as the effective date for these protections.