[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4538 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 4538

  To provide immunity from suit for certain individuals who disclose 
 potential examples of financial exploitation of senior citizens, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 11, 2016

Ms. Sinema (for herself, Mr. Poliquin, Mr. Mulvaney, and Mr. Murphy of 
   Florida) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To provide immunity from suit for certain individuals who disclose 
 potential examples of financial exploitation of senior citizens, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Senior$afe Act of 2016''.

SEC. 2. IMMUNITY.

    (a) Definitions.--In this Act--
            (1) the term ``bank'' has the meaning given the term in 
        section 202(a) of the Investment Advisers Act of 1940 (15 
        U.S.C. 80b-2(a));
            (2) the term ``broker-dealer'' means--
                    (A) a broker, as defined in section 3(a) of the 
                Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); or
                    (B) a dealer, as defined in section 3(a) of the 
                Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
            (3) the term ``covered agency'' means--
                    (A) a State financial regulatory agency;
                    (B) each of the Federal financial institutions 
                regulatory agencies;
                    (C) a law enforcement agency; and
                    (D) the adult protective services agency of a 
                State;
            (4) the term ``covered financial institution'' means--
                    (A) a bank;
                    (B) a credit union;
                    (C) an investment adviser; and
                    (D) a broker-dealer;
            (5) the term ``credit union'' has the meaning given the 
        term in section 2 of the Dodd-Frank Wall Street Reform and 
        Consumer Protection Act (12 U.S.C. 5301);
            (6) the term ``exploitation'' has the meaning given the 
        term in section 2011 of the Social Security Act (42 U.S.C. 
        1397j);
            (7) the term ``Federal financial institutions regulatory 
        agencies'' has the meaning given the term in section 1003 of 
        the Federal Financial Institutions Examination Council Act of 
        1978 (12 U.S.C. 3302);
            (8) the term ``investment adviser'' has the meaning given 
        the term in section 202 of the Investment Advisers Act of 1940 
        (15 U.S.C. 80b-2); and
            (9) the term ``senior citizen'' means an individual who is 
        not less than 65 years of age.
    (b) Immunity From Suit.--
            (1) Immunity for individuals.--Notwithstanding section 502 
        of the Gramm-Leach-Bliley Act (15 U.S.C. 6802), including any 
        regulations adopted thereunder, an individual who has received 
        the training described in section 3 shall not be liable, 
        including in any civil or administrative proceeding, for 
        disclosing the possible exploitation of a senior citizen to a 
        covered agency if the individual, at the time of the 
        disclosure--
                    (A) served as a supervisor, compliance officer, or 
                legal advisor for a covered financial institution; and
                    (B) made the disclosure--
                            (i) in good faith; and
                            (ii) with reasonable care.
            (2) Immunity for covered financial institutions.--
        Notwithstanding section 502 of the Gramm-Leach-Bliley Act (15 
        U.S.C. 6802), including any regulations adopted thereunder, a 
        covered financial institution shall not be liable, including in 
        any civil or administrative proceeding, for a disclosure made 
        by an individual described in paragraph (1) if--
                    (A) the individual was employed by the covered 
                financial institution at the time of the disclosure; 
                and
                    (B) before the time of the disclosure, the covered 
                financial institution provided the training described 
                in section 3 to each officer or employee of the covered 
                financial institution described in section 3(a).

SEC. 3. TRAINING REQUIRED.

    (a) In General.--A covered financial institution may provide 
training regarding the identification and reporting of the suspected 
exploitation of a senior citizen to each officer or employee of the 
covered financial institution who--
            (1) is described in section 2(b)(1)(A);
            (2) may come into contact with a senior citizen as a 
        regular part of the duties of the officer or employee; or
            (3) may review or approve the financial documents, records, 
        or transactions of a senior citizen in connection with 
        providing financial services to a senior citizen.
    (b) Training.--The training required under subsection (a) shall be 
provided as soon as reasonably practicable but not more than 12 months 
after the date on which an officer or employee begins employment with 
the covered financial institution.

SEC. 4. PREEMPTION.

    Nothing in this Act shall be construed to preempt or limit any 
provision of State law, to the extent that any provision of State law 
provides a similar or greater level of protection against liability to 
an individual described in section 2(b)(1) or a covered financial 
institution described in section 2(b)(2) than is provided under those 
sections.
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