Secure Americans from Financial Exploitation (SAFE) Act
1/11/2024, 6:30 PMSummary of Bill HR 3041
The Secure Americans from Financial Exploitation (SAFE) Act, also known as Bill 118 hr 3041, is a piece of legislation introduced in the US Congress. The main goal of this bill is to protect vulnerable adults from financial exploitation by empowering financial institutions to take action when they suspect that a customer is being exploited.The SAFE Act requires financial institutions to train their employees to recognize signs of financial exploitation and report any suspicious activity to the appropriate authorities. It also provides immunity to financial institutions that report suspected exploitation in good faith.
Additionally, the bill allows financial institutions to place a temporary hold on transactions if they suspect that a customer is being exploited. This hold gives the institution time to investigate the situation and prevent further financial harm to the customer. Overall, the SAFE Act aims to prevent financial exploitation of vulnerable adults by giving financial institutions the tools and resources they need to identify and report suspicious activity. By doing so, the bill seeks to protect vulnerable adults from falling victim to financial scams and fraud.
Congressional Summary of HR 3041
Secure Americans from Financial Exploitation (SAFE) Act
This bill prohibits the Federal Housing Finance Agency, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from implementing their January 2023-announced changes to the single-family pricing framework for fees on purchase, rate-term refinance, and cash-out refinance loans. The changes revise the fee charts that provide percentage adjustments based on a borrower's credit score and other factors.
Read the Full Bill
Current Status of Bill HR 3041
Bill HR 3041 is currently in the status of Bill Introduced since May 2, 2023. Bill HR 3041 was introduced during Congress 118 and was introduced to the House on May 2, 2023. Bill HR 3041's most recent activity was Referred to the House Committee on Financial Services. as of May 2, 2023Bipartisan Support of Bill HR 3041
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3041
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 3041
Secure Americans from Financial Exploitation (SAFE) ActSecure Americans from Financial Exploitation (SAFE) ActTo cancel certain proposed changes to credit fees charged by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and for other purposes.Comments
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Sponsors and Cosponsors of HR 3041
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