The Senior$afe Act provides civil and administrative immunity to certain financial services professionals who report suspected exploitation of a senior citizen to a regulator, so long as the professional has first received training on how to recognize and report such exploitation. The Act also extends civil and administrative immunity to the firms that employ or associate with the individual making the report.
The Senior$afe Act previously passed the House in July 2016 but later stalled in the Senate.
If the Senior$afe Act successfully passes the Senate this time and is signed into law by President Trump, its introduction will mark a significant step forward in ongoing legislative and regulatory efforts to help prevent financial exploitation and abuse of seniors.
Financial services firms should continue to monitor developments with this legislation. If the Act becomes law, they should work quickly to develop and deliver training meeting the criteria of the Act in order to qualify for the immunity provisions. Not only will providing such training help protect firms from unwanted lawsuits or regulatory actions, it is also simply the right thing to do—we all can play a role in combatting elder abuse and exploitation.
Stay updated on the movements of the Senior$afe Act by following Congress’s status tracker.
Brian Edstrom is a Shareholder and Attorney at Avisen Legal, P.A. He brings to Avisen clients the ability to “speak regulator,” having spent several years working for federal and state regulators in Washington D.C. and Saint Paul, MN before entering private practice.
Emilee Walters is our first Avisen Legal Fellow alum and a third-year law student at the St. Thomas School of Law. Emilee is exploring a legal career in business law.