Senior Safe Act of 2016

Bill: 114-hr-4538
Sponsor: full_name: Rep. Sinema, Kyrsten [D-AZ-9]
Introduced: 2016-02-11
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
Latest action: action_date: 2016-07-06
text: Received in the Senate.

Summaries:
action_date: 2016-02-11
action_desc: Introduced in House
text: <p><strong>Senior$afe Act of 2016</strong></p> <p>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.</p> <p>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.</p> <p>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.</p>

action_date: 2016-07-05
action_desc: Passed House amended
text: <p><strong>Senior Safe Act of 2016</strong></p> <p>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.</p> <p>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.</p> <p>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.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4538 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 A BILL 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 has the meaning given the term in section 202(a) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a) ); (2) the term broker-dealer means— (A) a broker, as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); or (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 means— (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 means— (A) a bank; (B) a credit union; (C) an investment adviser; and (D) a broker-dealer; (5) the term credit union has the meaning given the term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 ); (6) the term exploitation has the meaning given the term in section 2011 of the Social Security Act ( 42 U.S.C. 1397j ); (7) the term Federal financial institutions regulatory agencies has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3302 ); (8) the term investment adviser has the meaning given the term in section 202 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2 ); and (9) the term senior citizen means an individual who is not less than 65 years of age. (b) Immunity from suit (1) Immunity for individuals Notwithstanding section 502 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6802 ), including any regulations adopted thereunder, 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, 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 ), including any regulations adopted thereunder, 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 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.

tv_txt: I 114th CONGRESS 2d Session H. R. 4538 IN THE HOUSE OF REPRESENTATIVES AN ACT 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 Safe Act of 2016 . 2. Immunity (a) Definitions In this Act— (1) the term Bank Secrecy Act Officer means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31, United States Code; (2) the term broker-dealer means a broker or dealer, as those terms are defined, respectively, in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); (3) the term covered agency means— (A) a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator; (B) each of the Federal financial institutions regulatory agencies; (C) the Securities and Exchange Commission; (D) a law enforcement agency; (E) and State or local agency responsible for administering adult protective service laws; and (F) a State attorney general. (4) the term covered financial institution means— (A) a credit union; (B) a depository institution; (C) an investment advisor; (D) a broker-dealer; (E) an insurance company; and (F) a State attorney general. (5) the term credit union means a Federal credit union, State credit union, or State-chartered credit union, as those terms are defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); (6) the term depository institution has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ); (7) the term exploitation means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that— (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 has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3302 ); (9) the term investment adviser has the meaning given the term in section 202 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2 ); (10) the term insurance company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ); (11) the term registered representative means an individual who represents a broker-dealer in effecting or attempting to affect a purchase or sale of securities; (12) the term senior citizen means an individual who is not less than 65 years of age; (13) the term State insurance regulator has the meaning given such term in section 315 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6735 ); and (14) the term State securities or law enforcement authority has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 ( 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.

Passed the House of Representatives July 5, 2016. Karen L. Haas, Clerk.

tv_txt: II 114th CONGRESS 2d Session H. R. 4538 IN THE SENATE OF THE UNITED STATES July 6, 2016 Received AN ACT 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 Safe Act of 2016 . 2. Immunity (a) Definitions In this Act— (1) the term Bank Secrecy Act Officer means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31, United States Code; (2) the term broker-dealer means a broker or dealer, as those terms are defined, respectively, in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); (3) the term covered agency means— (A) a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator; (B) each of the Federal financial institutions regulatory agencies; (C) the Securities and Exchange Commission; (D) a law enforcement agency; (E) and State or local agency responsible for administering adult protective service laws; and (F) a State attorney general. (4) the term covered financial institution means— (A) a credit union; (B) a depository institution; (C) an investment advisor; (D) a broker-dealer; (E) an insurance company; and (F) a State attorney general. (5) the term credit union means a Federal credit union, State credit union, or State-chartered credit union, as those terms are defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); (6) the term depository institution has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ); (7) the term exploitation means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that— (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 has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3302 ); (9) the term investment adviser has the meaning given the term in section 202 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2 ); (10) the term insurance company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ); (11) the term registered representative means an individual who represents a broker-dealer in effecting or attempting to affect a purchase or sale of securities; (12) the term senior citizen means an individual who is not less than 65 years of age; (13) the term State insurance regulator has the meaning given such term in section 315 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6735 ); and (14) the term State securities or law enforcement authority has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 ( 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.

Passed the House of Representatives July 5, 2016. Karen L. Haas, Clerk.

tv_txt: IB Union Calendar No. 510 114th CONGRESS 2d Session H. R. 4538 [Report No. 114–659] 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 A BILL 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 means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31, United States Code; (2) the term broker-dealer means a broker or dealer, as those terms are defined, respectively, in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); (3) the term covered agency means— (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 means— (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 has the meaning given that term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 ); (6) the term depository institution has the meaning given the term in section 3(a) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(a) ); (7) the term exploitation means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that— (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 has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3302 ); (9) the term investment adviser has the meaning given the term in section 202 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b-2 ); (10) the term insurance company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ); (11) the term registered representative means an individual who represents a broker-dealer in effecting or attempting to affect a purchase or sale of securities; (12) the term senior citizen means an individual who is not less than 65 years of age; and (13) the term State securities or law enforcement authority has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 ( 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