The U.S. House of Representatives passed H.R. 2255 legislation, which includes The Senior Safe Act, late Monday to help protect seniors from financial exploitation.
Both H.R. 2255, the Housing Opportunities Made Easier (HOME) Act, and the Senior Safe Act (formerly H.R. 3758), had been standalone bills.
H.R. 3758 is companion legislation to S. 223, which was passed by the Senate Banking Committee and encourages financial services firms to provide appropriate training to front-line employees and producers, while granting immunity to those that report suspected abuse to regulators and law enforcement authorities.
Dirk Kempthorne, president and CEO of the American Council of Life Insurers, said in a statement that the Senior Safe Act “facilitates improved communication between insurance producers, life insurance companies and regulators in the event of suspected financial exploitation of senior citizens.”