IB 

Union Calendar No. 510 

114TH CONGRESS 

2D SESSION H. R. 4538 

[Report No. 114–659] 

To provide immunity from suit for certain individuals who disclose potential 

examples of financial exploitation of senior citizens, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 11, 2016 

Ms. SINEMA (for herself, Mr. POLIQUIN, Mr. MULVANEY, and Mr. MURPHY

of Florida) introduced the following bill; which was referred to the Committee on Financial Services 

JULY 5, 2016 

Additional sponsors: Ms. MCSALLY, Mr. KING of New York, Ms. PINGREE, 

Mr. HULTGREN, Mr. BEYER, Mr. PEARCE, Mr. CURBELO of Florida, 

Mrs. WAGNER, Mr. POSEY, Mr. YOUNG of Iowa, Mr. RENACCI, and Ms. 

WASSERMAN SCHULTZ

JULY 5, 2016 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on February 11, 2016] 


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•HR 4538 RH

A BILL 

To provide immunity from suit for certain individuals who 

disclose potential examples of financial exploitation of 

senior citizens, and for other purposes. 


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•HR 4538 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Senior$afe Act of 2016’’. 

5 SEC. 2. IMMUNITY. 

6 (a) DEFINITIONS.—In this Act— 

7 (1) the term ‘‘Bank Secrecy Act Officer’’ means 

8 an individual responsible for ensuring compliance 

9 with the requirements mandated by subchapter II of 

10 chapter 53 of title 31, United States Code; 

11 (2) the term ‘‘broker-dealer’’ means a broker or 

12 dealer, as those terms are defined, respectively, in sec13 tion 3(a) of the Securities Exchange Act of 1934 (15 

14 U.S.C. 78c(a)); 

15 (3) the term ‘‘covered agency’’ means— 

16 (A) a State financial regulatory agency, in17 cluding a State securities or law enforcement au18 thority; 

19 (B) each of the Federal financial institu20 tions regulatory agencies; 

21 (C) the Securities and Exchange Commis22 sion; 

23 (D) a law enforcement agency; and 

24 (E) and State or local agency responsible 

25 for administering adult protective service laws; 


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1 (4) the term ‘‘covered financial institution’’ 

2 means— 

3 (A) a credit union; 

4 (B) a depository institution; 

5 (C) an investment advisor; 

6 (D) a broker-dealer; and 

7 (E) an insurance company; 

8 (5) the term ‘‘credit union’’ has the meaning 

9 given that term in section 2 of the Dodd-Frank Wall 

10 Street Reform and Consumer Protection Act (12 

11 U.S.C. 5301); 

12 (6) the term ‘‘depository institution’’ has the 

13 meaning given the term in section 3(a) of the Federal 

14 Deposit Insurance Act (12 U.S.C. 1813(a)); 

15 (7) the term ‘‘exploitation’’ means the fraudulent 

16 or otherwise illegal, unauthorized, or improper act or 

17 process of an individual, including a caregiver or fi18 duciary, that— 

19 (A) uses the resources of a senior citizen for 

20 monetary personal benefit, profit, or gain; or 

21 (B) results in depriving a senior citizen of 

22 rightful access to or use of benefits, resources, be23 longings or assets; 

24 (8) the term ‘‘Federal financial institutions reg25 ulatory agencies’’ has the meaning given the term in 


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1 section 1003 of the Federal Financial Institutions Ex2 amination Council Act of 1978 (12 U.S.C. 3302); 

3 (9) the term ‘‘investment adviser’’ has the mean4 ing given the term in section 202 of the Investment 

5 Advisers Act of 1940 (15 U.S.C. 80b-2); 

6 (10) the term ‘‘insurance company’’ has the 

7 meaning given the term in section 2(a) of the Invest8 ment Company Act of 1940 (15 U.S.C. 80a–2(a)); 

9 (11) the term ‘‘registered representative’’ means 

10 an individual who represents a broker-dealer in effect11 ing or attempting to affect a purchase or sale of secu12 rities; 

13 (12) the term ‘‘senior citizen’’ means an indi14 vidual who is not less than 65 years of age; and 

15 (13) the term ‘‘State securities or law enforce16 ment authority’’ has the meaning given the term in 

17 section 24(f)(4) of the Securities Exchange Act of 

18 1934 (15 U.S.C. 78x(f)(4)). 

19 (b) IMMUNITY FROM SUIT.— 

20 (1) IMMUNITY FOR INDIVIDUALS.—An individual 

21 who has received the training described in section 3 

22 shall not be liable, including in any civil or adminis23 trative proceeding, for disclosing the possible exploi24 tation of a senior citizen to a covered agency if the 

25 individual, at the time of the disclosure— 


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1 (A) served as a supervisor, compliance offi2 cer (including a Bank Secrecy Act Officer), or 

3 registered representative for a covered financial 

4 institution; and 

5 (B) made the disclosure with reasonable 

6 care including reasonable efforts to avoid disclo7 sure other than to a covered agency. 

8 (2) IMMUNITY FOR COVERED FINANCIAL INSTITU9 TIONS.—A covered financial institution shall not be 

10 liable, including in any civil or administrative pro11 ceeding, for a disclosure made by an individual de12 scribed in paragraph (1) if— 

13 (A) the individual was employed by, or, in 

14 the case of a registered representative, affiliated 

15 or associated with, the covered financial institu16 tion at the time of the disclosure; and 

17 (B) before the time of the disclosure, the cov18 ered financial institution provided the training 

19 described in section 3 to each individual de20 scribed in section 3(a). 

21 SEC. 3. TRAINING REQUIRED. 

22 (a) IN GENERAL.—A covered financial institution 

23 may provide training described in subsection (b)(1) to each 

24 officer or employee of, or registered representative affiliated 

25 or associated with, the covered financial institution who— 


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1 (1) is described in section 2(b)(1)(A); 

2 (2) may come into contact with a senior citizen 

3 as a regular part of the duties of the officer, employee, 

4 or registered representative; or 

5 (3) may review or approve the financial docu6 ments, records, or transactions of a senior citizen in 

7 connection with providing financial services to a sen8 ior citizen. 

9 (b) TRAINING.— 

10 (1) IN GENERAL.—The training described in this 

11 paragraph shall— 

12 (A) instruct any individual attending the 

13 training on how to identify and report the sus14 pected exploitation of a senior citizen; 

15 (B) discuss the need to protect the privacy 

16 and respect the integrity of each individual cus17 tomer of a covered financial institution; and 

18 (C) be appropriate to the job responsibilities 

19 of the individual attending the training. 

20 (2) TIMING.—The training required under sub21 section (a) shall be provided as soon as reasonably 

22 practicable but not later than 1 year after the date 

23 on which an officer, employee, or registered represent24 ative begins employment with or becomes affiliated or 

25 associated with the covered financial institution. 


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1 (3) BANK SECRECY ACT OFFICER.—An indi2 vidual who is designated as a compliance officer 

3 under an anti-money laundering program established 

4 pursuant to section 5318(h) of title 31, United States 

5 Code, shall be deemed to have received the training 

6 described under this subsection. 

7 SEC. 4. RELATIONSHIP TO STATE LAW. 

8 Nothing in this Act shall be construed to preempt or 

9 limit any provision of State law, except only to the extent 

10 that section 2 provides a greater level of protection against 

11 liability to an individual described in section 2(b)(1) or 

12 to a covered financial institution described in section 

13 2(b)(2) than is provided under State law. 


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Union Calendar No. 510 

114TH CONGRESS 

2D SESSION H. R. 4538 

[Report No. 114–659] 

A BILL 

To provide immunity from suit for certain individposes. exploitation of senior citizens, and for other pur- uals who disclose potential examples of financial 

JULY 5, 2016 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


sradovich on DSK3GDR082PROD with BILLS