CUNA President/CEO Jim Nussle sent a letter of support for legislation introduced by Reps. Bruce Poliquin (R-Maine) and Kyrsten Sinema (D-Ariz.) to protect financial institutions that suspect elder financial abuse. The Senior Safe Act of 2017 (H.R. 3758) also has a Senate companion bill, S.223.
“While credit unions and other financial institutions already report suspected financial abuse of seniors, in certain circumstances, in many cases privacy laws or concerns about potential litigation make it difficult, or even impossible, for employees to notify authorities when exploitation is suspected,” Nussle wrote. “This legislation would be instrumental in providing even more opportunity for credit unions and other financial institutions to protect seniors.”
Specifically, H.R. 3758 would provide legal immunity for properly trained financial services employees who disclose concerns about financial exploitation of senior citizens.
Nussle also praised the bill for allowing for the enhanced safety measures for vulnerable seniors.