Senior Safe Act of 2016

To provide immunity from suit for certain individuals who disclose potential examples of financial exploitation of senior citizens, and for other purposes. 1. Short title This Act may be cited as the Senior$afe Act of 2016 2. Immunity (a) Definitions In this Act— (1) the term Bank Secrecy Act Officer chapter 53 (2) the term broker-dealer 15 U.S.C. 78c(a) (3) the term covered agency (A) a State financial regulatory agency, including a State securities or law enforcement authority; (B) each of the Federal financial institutions regulatory agencies; (C) the Securities and Exchange Commission; (D) a law enforcement agency; and (E) and State or local agency responsible for administering adult protective service laws; (4) the term covered financial institution (A) a credit union; (B) a depository institution; (C) an investment advisor; (D) a broker-dealer; and (E) an insurance company; (5) the term credit union 12 U.S.C. 5301 (6) the term depository institution 12 U.S.C. 1813(a) (7) the term exploitation (A) uses the resources of a senior citizen for monetary personal benefit, profit, or gain; or (B) results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings or assets; (8) the term Federal financial institutions regulatory agencies 12 U.S.C. 3302 (9) the term investment adviser 15 U.S.C. 80b-2 (10) the term insurance company 15 U.S.C. 80a–2(a) (11) the term registered representative (12) the term senior citizen (13) the term State securities or law enforcement authority 15 U.S.C. 78x(f)(4) (b) Immunity from suit (1) Immunity for individuals An individual who has received the training described in section 3 shall not be liable, including in any civil or administrative proceeding, for disclosing the possible exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure— (A) served as a supervisor, compliance officer (including a Bank Secrecy Act Officer), or registered representative for a covered financial institution; and (B) made the disclosure with reasonable care including reasonable efforts to avoid disclosure other than to a covered agency. (2) Immunity for covered financial institutions A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in paragraph (1) if— (A) the individual was employed by, or, in the case of a registered representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and (B) before the time of the disclosure, the covered financial institution provided the training described in section 3 to each individual described in section 3(a). 3. Training required (a) In general A covered financial institution may provide training described in subsection (b)(1) to each officer or employee of, or registered representative affiliated or associated with, the covered financial institution who— (1) is described in section 2(b)(1)(A); (2) may come into contact with a senior citizen as a regular part of the duties of the officer, employee, or registered representative; or (3) may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen. (b) Training (1) In general The training described in this paragraph shall— (A) instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen; (B) discuss the need to protect the privacy and respect the integrity of each individual customer of a covered financial institution; and (C) be appropriate to the job responsibilities of the individual attending the training. (2) Timing The training required under subsection (a) shall be provided as soon as reasonably practicable but not later than 1 year after the date on which an officer, employee, or registered representative begins employment with or becomes affiliated or associated with the covered financial institution. (3) Bank Secrecy Act Officer An individual who is designated as a compliance officer under an anti-money laundering program established pursuant to section 5318(h) of title 31, United States Code, shall be deemed to have received the training described under this subsection. 4. Relationship to State law Nothing in this Act shall be construed to preempt or limit any provision of State law, except only to the extent that section 2 provides a greater level of protection against liability to an individual described in section 2(b)(1) or to a covered financial institution described in section 2(b)(2) than is provided under State law. 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

Summary: 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.