New bill would protect seniors from financial abuse

A CUNA-supported bill that would protect good-faith reporters of suspected elder financial abuse was approved last week by the House Financial Services Committee with a vote of 59-0. 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 […]

A CUNA-supported bill that would protect good-faith reporters of suspected elder financial abuse was approved last week by the House Financial Services Committee with a vote of 59-0. 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. Next, it will be considered 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.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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