What is the Senior Safe Act (SSA)?
The Senior Safe Act is a new federal law intended to fight financial elder abuse by promoting the reporting of suspected elder abuse by financial institutions. Prior to the passage of this law, there were reports of banks, investment advisors, and brokers refraining from reporting elder abuse to the authorities out of fear of lawsuits resulting from false claims of fraud or elder exploitation. Under the Senior Safe Act, financial institutions will be freed from liability if they report suspected financial elder abuse, so long as they have trained their employees in how to detect such exploitation.
Read more about the Senior Safe Act on the AARP website at https://www.aarp.org/politics-society/government-elections/info-2018/congress-passes-safe-act.html.
