CUNA-backed Senior$afe Act passes committee

June 16, 2016

The House Financial Services Committee voted 59-0 in favor a CUNA-supported bill Thursday that would protect good-faith reporters of suspected elder financial abuse. The Senior$afe Act of 2015 (H.R. 4538) was introduced by Reps. Kyrsten Sinema (D-Ariz.) and Bruce Poliquin (R-Maine).

The bill would provide legal immunity for financial services employees who disclosed concerns about elder financial abuse. It will move onto consideration by the full House.

CUNA President/CEO Jim Nussle called the bill an “important step toward improving protection for seniors,” in CUNA’s letter of support for the bill, sent earlier this month.

As the legislation moves forward, CUNA urges Congress to clarify how training should be defined and include a more expansive description of positions to include a broader scope of credit union supervisory positions.

A Senate version of the bill was introduced by Sens. Susan Collins (R-Maine) and Claire McCaskill (D-Mo.) in March. CUNA has written in support of that bill, which has been referred to the Senate Banking Committee.

The Maine Credit Union League and Maine credit unions worked with Collins several times to discuss elder financial abuse and ways to combat it.