Senior Safe Act Aims to Protect Elderly From Financial Abuse

San Francisco, CA (Law Firm Newswire) January 3, 2019 – The president recently signed a new federal law that urges financial service providers to train staff to better identify suspected elder financial abuse and report it.

The Senior Safe Act allows financial services professionals to fight against fraud while maintaining their clients’ privacy. The legislation modifies provisions of the Dodd-Frank Act, which was passed in 2010 to govern regulation of the financial industry following the 2008 economic meltdown.

The bill was first introduced by Senator Susan Collins (R-Maine) in January 2017. She modeled it on the elder financial abuse prevention program in her home state of Maine. Collins welcomed the law’s passage as “a much-needed step in the fight against financial exploitation of seniors.”

Maine’s Senior Safe Program is a joint effort between financial institutions, state regulators and legal associations to train banking and credit union staff on how to detect signs of elder financial abuse and help stop it. According to the legislation’s advocates, they are often the first to witness atypical withdrawals and unexplained transfers among customers.

“Unfortunately, elder financial abuse goes unreported far too often,” commented elder law attorney Michael Gilfix of Gilfix & La Poll Associates. “There are some common red flags which may indicate an individual could be a potential victim of financial exploitation, such as unusual activity on a bank account or unpaid bills. These and other warning signs can be a cause for concern.”

The Senior Safe Act provides financial services professionals with liability protection if they report any suspected financial abuse of their senior clients to the authorities. Employers are encouraged to establish a company-wide standardized program to train staff on how to spot elder abuse.

The Senior Safe Act was endorsed by the AARP, the Credit Union National Association, the National Association of Insurance and Financial Advisors, the Conference of State Bank Supervisors and other financial organizations. They acknowledged that while the legislation will not completely eliminate elder financial abuse, it can help reduce its severity and contribute to prevention efforts.

Gilfix & La Poll Associates LLP
2300 Geng Rd., Suite 200
Palo Alto, CA 94303
Telephone: (650) 493-8070
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Senior Safe Act Aims to Protect Elderly From Financial Abuse

President Trump Signs the RAISE Family Caregivers Act

Providing care for a family member or other loved one is not an easy job, and it requires a great deal of support. Yet many caregivers’ needs have long gone unmet. As a result, many of these individuals are stretched thin and prone to burnout, which can hinder their ability to provide for their loved one. That’s why caregivers as well as advocacy groups have been shouting out for greater support so that caregivers and those in their care can live happier lives.

Well, the government is finally listening.

On Monday, January 15, President Donald Trump signed into law the Recognize, Assist, Include, Support, and Engage (RAISE) Family Caregivers Act. This piece of legislation will support the family caregivers in the United States—of which there are more than 40 million.

Photo: Flickr/The White House

More specifically, the law requires the secretary of the Department of Health and Human Services—currently Alex Azar—to construct a plan that will provide much-needed aid to caregivers who are looking after “a family member with an illness, disability, or ‘functional limitation.'” The plan will make suggestions for community resources and the federal, state, and local government as to how they could assist caregivers—according to The Mighty, that will include “respite options, financial security, workplace issues, and training supports related to hospice care and palliative care.”

Azar has 18 months to make this happen, with help from an advisory council made up of federal officials, caregivers, people with disabilities, and others involved with this particular community. Once the plan is set in place, it will be updated every other year.

Photo: Adobe Stock/Jaren Wicklund

The RAISE Family Caregivers Act has garnered bipartisan support, as well as applause from advocacy groups like the Autistic Self-Advocacy Network and the AARP.

“Family caregivers are the backbone of our care system in America,” said AARP’s chief advocacy and engagement officer Nancy LeaMond. “We need to make it easier for them to coordinate care for their loved ones, get information and resources, and take a break so they can rest and recharge.”

We at GreaterGood also applaud this Act and are excited to see what it will do for the millions of caregivers across the country. 

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President Trump Signs the RAISE Family Caregivers Act