Consumer Compliance Outlook: First Issue 2020

Compliance Spotlight: Senior Safe Act

Senior Safe Act

On May 24, 2018, the Senior Safe Act (the act) was signed into law as Section 303 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Subject to certain conditions, the act provides immunity from liability, including in any civil or administrative proceeding, to a covered financial institution and certain of their employees or other individuals affiliated or associated with the institution for reporting suspected exploitation of a senior citizen to covered agencies.

In addition to other requirements, the specified employees or other individuals affiliated or associated with a covered institution must receive the training required by the act to qualify for immunity. Reporting suspected senior financial exploitation under the act is optional, but institutions must comply with requirements of the act for immunity to apply.

Additional requirements under the act are discussed in the following Q&A:


🅠 Which individuals are eligible for immunity, and how can an individual obtain such immunity under the act?

🅐 An individual can obtain immunity from disclosure of suspected exploitation of a senior citizen to a covered agency if:


🅠 Which institutions are eligible for immunity, and how can a covered financial institution obtain such immunity under the act?

🅐 A covered financial institution is:

Under the act, a covered financial institution can obtain immunity from disclosure of suspected exploitation of a senior citizen to a covered agency made by an individual described previously if:


🅠 What is a covered agency?

🅐 Covered agencies include state and federal regulatory agencies, law enforcement agencies, and local agencies responsible for providing adult protective services. The act defines covered agency as:


🅠 What are the training requirements under the act?

🅐 To qualify for immunity from suit, the individuals specified previously must receive training, among other requirements, if the individual:

The training may be provided by a covered financial institution or a third party selected by the covered institution. The training generally must:


🅠 When must the training be provided?

🅐 Generally, training must be provided as soon as possible. For individuals who become employed, or affiliated or associated with, a covered financial institution after the effective date of the act, training must be provided within one year from the date of employment, affiliation, or association.


🅠 What are the recordkeeping requirements for the training?

🅐 Covered financial institutions are required to maintain a record of the individuals described previously who are employed by, or affiliated or associated with, the covered institution and have completed the training. Upon request, the covered financial institution must provide such records to a covered agency with examination authority over the institution. In addition, the content of the training must be maintained by the covered financial institution and, upon request, be made available to a covered agency with examination authority over the institution. The covered institution, however, is not required to maintain or make available such content with respect to an individual who is no longer employed by, or affiliated or associated with, the institution.


🅠 When did the law become effective?

🅐 The act became effective on May 24, 2018