CFP Board Urges Senate to Pass Bill to Protect Seniors from Financial Exploitation

On Friday, November 21, 2025, CFP Board signed a joint letter to Senators Bill Hagerty (R-TN) and Ruben Gallego (D-AZ) expressing strong support for the Financial Exploitation Prevention Act (S. 2840/H.R 2478). 

The bipartisan legislation provides an important safeguard between financial transactions by allowing a mutual fund or transfer agent to delay redemption of a security if it reasonably believes such redemption was requested through the exploitation of a security holder who is a senior or unable to protect their own interests. It also directs the U.S. Securities and Exchange Commission to make legislative and regulatory recommendations to address the financial exploitation of seniors and other vulnerable adults. 

The legislation was recently reintroduced in both the House and Senate. Last Congress, the bill received unanimous support in the House. 

Read the letter here.