To address this problem, several states have given financial institutions and the people who work there, immunity from liability, if they report suspected abuse to law enforcement or regulators in good faith. However, not all states have done so.
The Senior Safe Act works like the state laws that have already been passed. Those who work in financial institutions who, in good faith, report suspected financial abuse of the elderly to the proper authorities, are immune from liability for their reports.
This bill has passed the House and the Senate Banking Committee. It is now up to the full Senate and the President.
