The bill encourages financial institutions to report suspected instances of fraud targeting seniors
"
"Americans lose billions of dollars each year to financial fraud, and seniors are a top target," said
Recent studies estimate nearly 1 in 5 American seniors may be a target of financial fraud or abuse. Even when financial institutions suspect abuse, the abuse may go unpunished. Current laws lack the necessary flexibility to allow financial institutions to report suspected abuse to authorities.
The Senior Safe Act encourages individuals and financial institutions to report suspected instances of fraud and elder financial abuse. It also incentivizes firms to train employees to identify and stop financial fraud. This bill helps law enforcement track down financial criminals who target seniors by enabling banks, credit unions, investment advisors, broker-dealers, and other financial service providers to better communicate with appropriate agencies when they suspect financial exploitation of seniors.
Last
Items to Note:
*
Read this original document at: https://poliquin.house.gov/media-center/press-releases/reps-poliquin-sinema-reintroduce-senior-safe-act-bipartisan-legislation
Bill would also Raise Health Insurance Premiums by 15-20% in 2018
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News