H.R.4538 - Senior Safe Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Sinema, Kyrsten [D-AZ-9] (Introduced 02/11/2016)|
|Committees:||House - Financial Services|
|Committee Reports:||H. Rept. 114-659|
|Latest Action:||07/06/2016 Received in the Senate. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.4538 — 114th Congress (2015-2016)All Bill Information (Except Text)
Passed House amended (07/05/2016)
Senior Safe Act of 2016
This bill provides immunity from liability of: (1) a supervisor, compliance officer (including a Bank Secrecy Act Officer), or registered representative for a covered financial institution who has received training in the identification and reporting of suspected exploitation of a senior citizen (at least 65 years old) and the protection of customer privacy that is appropriate to job responsibilities for disclosing such exploitation to a covered agency if the individual made the disclosure with reasonable care, including reasonable efforts to avoid disclosure other than to a covered agency; and (2) the financial institution for such a disclosure if the individual was employed by or, in the case of a registered representative, affiliated or associated with, the institution at the time of the disclosure and the institution had provided such training.
A "covered financial institution" is a credit union, depository institution, investment advisor, broker-dealer, insurance company, or state attorney general. A "covered agency" is a state financial regulatory agency, each of the federal financial institutions regulatory agencies, the Securities and Exchange Commission, a law enforcement agency, a state or local agency responsible for administering adult protective service laws, or a state attorney general.
A covered financial institution may provide such training to each of its supervisors, compliance officers (including a Bank Secrecy Act Officer), or registered representatives who: (1) may come into contact with a senior citizen as a regular part of duties; or (2) may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services.