Senior Safe Act of 2016

Bill: 114-hr-4538
Sponsor: Rep. Sinema, Kyrsten [D-AZ-9]
Introduced: 2016-02-11 in the House
Policy area: Finance and Financial Sector
Subjects: Aging
Banking and financial institutions regulation
Civil actions and liability
Employment discrimination and employee rights
Financial services and investments
Fraud offenses and financial crimes

Summary:
action_date: 2016-02-11
text: 

Senior$afe Act of 2016

 
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 &quot;covered financial institution&quot; means a bank, a credit union, an investment adviser, or a broker-dealer. A &quot;covered agency&quot; 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.

action_date: 2016-07-05
text: 

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 &quot;covered financial institution&quot; 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.


Legislative actions:
action_date: 2016-07-06
text: Received in the Senate.
action_date: 2016-07-05
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-07-05
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4249)
action_date: 2016-07-05
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H4249)
action_date: 2016-07-05
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4538.
action_date: 2016-07-05
text: Considered under suspension of the rules. (consideration: CR H4248-4251)
action_date: 2016-07-05
text: Mr. Garrett moved to suspend the rules and pass the bill, as amended.
action_date: 2016-07-05
text: Placed on the Union Calendar, Calendar No. 510.
action_date: 2016-07-05
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-659.
action_date: 2016-07-05
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-659.
action_date: 2016-06-16
text: Ordered to be Reported (Amended) by the Yeas and Nays: 59 - 0.
action_date: 2016-06-16
text: Committee Consideration and Mark-up Session Held.
action_date: 2016-06-15
text: Committee Consideration and Mark-up Session Held.
action_date: 2016-02-11
text: Referred to the House Committee on Financial Services.
action_date: 2016-02-11
text: Introduced in House
action_date: 2016-02-11
text: Introduced in House