January 26, 2018
Sen. Susan Collins, chair of the Senate Special Committee on Aging, has reintroduced her Senior Safe Act, which is designed to protect vulnerable adults from financial exploitation.
In introducing the Senior$afe Act of 2017 (S. 223), Collins, R-Maine, noted that the bill aims to protect banks, credit unions, investment advisors, broker-dealers, insurance companies and certain supervisory, compliance and legal employees from civil or administrative liability — as long as they receive training in how to spot and report predatory activity and disclose any possible exploitation of senior citizens to state or federal regulatory and law enforcement entities.
A similar bill passed the House last July.
Collins’ bill is based on Maine’s Senior$afe program, a collaborative effort by Maine’s regulators, financial institutions and legal organizations to educate bank and credit union employees on how to identify and help stop the financial exploitation of older Maine residents.
The program, pioneered by Maine Securities Administrator Judith Shaw, also serves as the template for a model rule developed for adoption at the state level by the North American Securities Administrators Association.
The Financial Services Institute said Tuesday that it urges the Senate “to support the Senior$afe Act of 2017, ensuring that financial advisors and broker-dealers have the ability to report suspicions of financial exploitation whenever they suspect fraudulent behavior without fear of liability,” according to a statement.