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

<DOC>





                                                 Union Calendar No. 510
114th CONGRESS
  2d Session
                                H. R. 4538

                          [Report No. 114-659]

  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

                              July 5, 2016

 Additional sponsors: Ms. McSally, Mr. King of New York, Ms. Pingree, 
   Mr. Hultgren, Mr. Beyer, Mr. Pearce, Mr. Curbelo of Florida, Mrs. 
 Wagner, Mr. Posey, Mr. Young of Iowa, Mr. Renacci, and Ms. Wasserman 
                                Schultz

                              July 5, 2016

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
    [For text of introduced bill, see copy of bill as introduced on 
                           February 11, 2016]


_______________________________________________________________________

                                 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 Secrecy Act Officer'' means an 
        individual responsible for ensuring compliance with the 
        requirements mandated by subchapter II of chapter 53 of title 
        31, United States Code;
            (2) the term ``broker-dealer'' means a broker or dealer, as 
        those terms are defined, respectively, 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, including 
                a State securities or law enforcement authority;
                    (B) each of the Federal financial institutions 
                regulatory agencies;
                    (C) the Securities and Exchange Commission;
                    (D) a law enforcement agency; and
                    (E) and State or local agency responsible for 
                administering adult protective service laws;
            (4) the term ``covered financial institution'' means--
                    (A) a credit union;
                    (B) a depository institution;
                    (C) an investment advisor;
                    (D) a broker-dealer; and
                    (E) an insurance company;
            (5) the term ``credit union'' has the meaning given that 
        term in section 2 of the Dodd-Frank Wall Street Reform and 
        Consumer Protection Act (12 U.S.C. 5301);
            (6) the term ``depository institution'' has the meaning 
        given the term in section 3(a) of the Federal Deposit Insurance 
        Act (12 U.S.C. 1813(a));
            (7) the term ``exploitation'' means the fraudulent or 
        otherwise illegal, unauthorized, or improper act or process of 
        an individual, including a caregiver or fiduciary, that--
                    (A) uses the resources of a senior citizen for 
                monetary personal benefit, profit, or gain; or
                    (B) results in depriving a senior citizen of 
                rightful access to or use of benefits, resources, 
                belongings or assets;
            (8) 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);
            (9) 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);
            (10) the term ``insurance company'' has the meaning given 
        the term in section 2(a) of the Investment Company Act of 1940 
        (15 U.S.C. 80a-2(a));
            (11) the term ``registered representative'' means an 
        individual who represents a broker-dealer in effecting or 
        attempting to affect a purchase or sale of securities;
            (12) the term ``senior citizen'' means an individual who is 
        not less than 65 years of age; and
            (13) the term ``State securities or law enforcement 
        authority'' has the meaning given the term in section 24(f)(4) 
        of the Securities Exchange Act of 1934 (15 U.S.C. 78x(f)(4)).
    (b) Immunity From Suit.--
            (1) Immunity for individuals.--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 
                (including a Bank Secrecy Act Officer), or registered 
                representative for a covered financial institution; and
                    (B) made the disclosure with reasonable care 
                including reasonable efforts to avoid disclosure other 
                than to a covered agency.
            (2) Immunity for covered financial institutions.--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, or, in the case 
                of a registered representative, affiliated or 
                associated with, 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 individual described in section 
                3(a).

SEC. 3. TRAINING REQUIRED.

    (a) In General.--A covered financial institution may provide 
training described in subsection (b)(1) to each officer or employee of, 
or registered representative affiliated or associated with, 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, employee, or 
        registered representative; 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.--
            (1) In general.--The training described in this paragraph 
        shall--
                    (A) instruct any individual attending the training 
                on how to identify and report the suspected 
                exploitation of a senior citizen;
                    (B) discuss the need to protect the privacy and 
                respect the integrity of each individual customer of a 
                covered financial institution; and
                    (C) be appropriate to the job responsibilities of 
                the individual attending the training.
            (2) Timing.--The training required under subsection (a) 
        shall be provided as soon as reasonably practicable but not 
        later than 1 year after the date on which an officer, employee, 
        or registered representative begins employment with or becomes 
        affiliated or associated with the covered financial 
        institution.
            (3) Bank secrecy act officer.--An individual who is 
        designated as a compliance officer under an anti-money 
        laundering program established pursuant to section 5318(h) of 
        title 31, United States Code, shall be deemed to have received 
        the training described under this subsection.

SEC. 4. RELATIONSHIP TO STATE LAW.

    Nothing in this Act shall be construed to preempt or limit any 
provision of State law, except only to the extent that section 2 
provides a greater level of protection against liability to an 
individual described in section 2(b)(1) or to a covered financial 
institution described in section 2(b)(2) than is provided under State 
law.
                                                 Union Calendar No. 510

114th CONGRESS

  2d Session

                               H. R. 4538

                          [Report No. 114-659]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                              July 5, 2016

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed