SIFMA Statement on Committee Passage of the Senior $afe Act, World Elder Abuse Awareness Day

Release Date: June 16, 2016
Contact: Carol Danko, 202-962-7390,
[email protected]

   SIFMA Statement on Committee Passage of the Senior $afe Act, World Elder Abuse Awareness Day

Washington, D.C., June 16, 2016 – SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the House Financial Services Committee unanimous passage of the Senior $afe Act the day after World Elder Abuse Awareness Day:

This week’s World Elder Abuse Awareness Day serves as reminder that our nation’s seniors are at a growing risk of falling victim to financial fraud and abuse. This is an issue the financial services industry takes very seriously, but cannot tackle alone. We are partnering with lawmakers, regulators, medical experts, and advocates to better understand the issues involving financial exploitation and cognitive decline and to implement practices to address the risks.

We applaud the House Financial Services Committee for today’s passage of the Senior $afe Act, which will allow firms to disclose cases of potential senior financial exploitation without the fear of legal ramifications. This type of legislation, paired with collaboration within the industry and beyond, allows us to tackle elder financial abuse head-on to better protect the investments of aging Americans.”