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H. Rept. 115-424 1 (2017-11-28)

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                   115TH CONGRESS                                       REPORT
                      1st Session    HOUSE OF REPRESENTATIVES           115-424





                                     SENIOR SAFE ACT OF 2017


                      NOVEMBER 28, 2017.-Committed to the Committee of the Whole House on the
                                   State of the Union and ordered to be printed


                       Mr. HENSARLING, from the Committee on Financial Services,
                                        submitted the following


                                           REPORT

                                           [To accompany H.R. 3758]

                             [Including cost estimate of the Congressional Budget Office]
                     The Committee on Financial Services, to whom was referred the
                   bill (H.R. 3758) to provide immunity from suit for certain individ-
                   uals who disclose potential examples of financial exploitation of
                   senior citizens, and for other purposes, having considered the same,
                   report favorably thereon without amendment and recommend that
                   the bill do pass.
                                         PURPOSE AND SUMMARY
                     On September 12, 2017, Representatives Kyrsten Sinema and
                   Bruce Poliquin introduced H.R. 3758, the Senior Safe Act of 2017,
                   which provides that: (1) a supervisor, compliance officer, or legal
                   advisor for a covered financial institution who has received training
                   regarding the identification and reporting of the suspected exploi-
                   tation of a senior citizen (at least 65 years old) shall not be liable
                   for disclosing such exploitation to a covered agency if the individual
                   made the disclosure in good faith and with reasonable care; and (2)
                   a covered financial institution shall not be liable for such a disclo-
                   sure by such an individual if the individual was employed by the
                   institution at the time of the disclosure and the institution had pro-
                   vided such training.
                                BACKGROUND AND NEED FOR LEGISLATION
                     The goal of H.R. 3758 is to protect seniors from financial exploi-
                   tation. According to a study conducted by MetLife, seniors lose at
                   least $2.9 billion annually in reported cases of financial exploi-
                   tation. It also has been estimated that one in five seniors, age 65
                   and older, have been the victim of financial fraud. However, despite
                       79-006

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