Senior$afe Act of 2015

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 2015 2. Immunity (a) Definitions In this Act— (1) the term bank 15 U.S.C. 80b–2(a) (2) the term broker-dealer (A) a broker, as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) (B) a dealer, as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) (3) the term covered agency (A) a State financial regulatory agency; (B) each of the Federal financial institutions regulatory agencies; (C) a law enforcement agency; and (D) the adult protective services agency of a State; (4) the term covered financial institution (A) a bank; (B) a credit union; (C) an investment adviser; and (D) a broker-dealer; (5) the term credit union 12 U.S.C. 5301 (6) the term exploitation 42 U.S.C. 1397j (7) the term Federal financial institutions regulatory agencies 12 U.S.C. 3302 (8) the term investment adviser 15 U.S.C. 80b–2 (9) the term senior citizen (b) Immunity from suit (1) Immunity for individuals Notwithstanding section 502 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6802 (A) served as a supervisor, compliance officer, or legal advisor for a covered financial institution; and (B) made the disclosure— (i) in good faith; and (ii) with reasonable care. (2) Immunity for covered financial institutions Notwithstanding section 502 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6802 (A) the individual was employed by 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 officer or employee of the covered financial institution described in section 3(a). 3. Training required (a) In general A covered financial institution may provide training regarding the identification and reporting of the suspected exploitation of a senior citizen to each officer or employee of 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 or employee; 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 The training required under subsection (a) shall be provided as soon as reasonably practicable but not more than 12 months after the date on which an officer or employee begins employment with the covered financial institution. 4. Preemption Nothing in this Act shall be construed to preempt or limit any provision of State law, to the extent that any provision of State law provides a similar or greater level of protection against liability to an individual described in section 2(b)(1) or a covered financial institution described in section 2(b)(2) than is provided under those sections.

Summary: Senior$afe Act of 2015 This bill provides that: (1) a supervisor, compliance officer, or legal advisor for a covered financial institution who has received training regarding the identification and reporting of the suspected exploitation of a senior citizen (at least 65 years old) shall not be liable for disclosing such exploitation to a covered agency if such individual made the disclosure in good faith and with reasonable care; and (2) a covered financial institution shall not be liable for such a disclosure by such an individual if such individual was employed by the institution at the time of the disclosure and the institution had provided such training. A "covered financial institution" means a bank, a credit union, an investment adviser, or a broker-dealer. A "covered agency" means each of the federal financial institutions regulatory agencies or a state financial regulatory agency, law enforcement agency, or adult protective services agency. A covered financial institution may provide such training to each of its supervisors, compliance officers, or legal advisors who: (1) may come into contact with a senior citizen as a regular part of such employee's duties; or (2) may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing him or her financial services.