The Insured Retirement Institute (IRI) recently released a statement on the Economic Growth, Regulatory Relief, & Consumer Protection Act advanced by the Senate Committee on Banking, Housing, and Urban Affairs.
The act addresses consumer access to mortgage credit, protecting consumer access to credit, protecting veterans and homeowners, and regulations for certain bank-holding companies.
“IRI commends Chairman Mike Crapo (R-ID) and Senators Mark Warner (D-VA), Heidi Heitkamp (D-ND), Jon Tester (D-MT) and Joe Donnelly (D-IN) for the bipartisan leadership they have displayed in bringing S. 2155 (the protection act) before the committee for its consideration,” IRI President and CEO Cathy Weatherford said. “This bill includes the provisions of the Senior$afe Act of 2017, a bill previously introduced by Senators Collins (R-ME) and McCaskill (D-MO). By adopting this legislation, the members of the committee have taken a positive step forward to enacting into law a measure to combat financial exploitation and abuse of older Americans.”
The Senior$afe Act of 2017 extends immunity from liability to certain individuals who disclose suspected exploitations of senior citizens to a regulatory or law-enforcement agency.
Certain individuals, as defined by the bill, are employees of certain broker dealers, credit unions, depository institutions, investment advisers, insurance agencies and insurance companies.