U.S. Sens. Susan Collins (R-ME) and Claire McCaskill (D-MO) are urging the Senate Banking Committee to consider passing the Senior Safe Act of 2017 (S. 223) to guard senior citizens from fraud.
This bill would provide support to regulators, financial institutions, and legal organizations to educate their employees to identify and prevent financial exploitation of seniors. Financial fraud targeting older Americans costs an estimated $2.9 billion annually, according to the Government Accountability Office.
“Regrettably, federal laws intended to protect consumers can make it difficult for financial institutions to report suspected fraud to the proper authorities,” the senators said. “Under S. 223, financial institutions and their employees would be protected from liability as long as their employees are trained to spot and report suspected financial exploitation, their reports are made in good faith and on a reasonable basis, and they report to the proper authorities, such as regulators, law enforcement, or adult protective services agencies.”
The Senior Safe Act is based on Maine’s Senior Safe program.
Several organizations have endorsed the bill, including the American Association of Retired Persons (AARP), the North American Securities Administrators Association (NASAA), the Credit Union National Association (CUNA), the National Association of Federally-Insured Credit Unions (NAFCU), the Conference of State Bank Supervisors (CSBS), and the National Association of Insurance and Financial Advisors (NAIFA).