Senior Safe Act Aims to Protect Elderly From Financial Abuse
Jan 3, 2019
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.
Facebook: Like Us!
- Hugh Hefner’s will forbids heirs from using drugs and alcohol
Hugh Hefner was vocal about his dislike of drugs and alcohol, as well as his concerns about substance abuse. It appears that the Playboy founder, who died in September 2017 at age 91, drafted his will to reflect those views. Hefner’s trust includes a clause that blocks his heirs from accessing their inheritance if they […]
The post Hugh Hefner’s will forbids heirs from using drugs and alcohol appeared first on Gilfix & La Poll Associates LLP.
- Robot caregivers elicit mix of worry and enthusiasm among Americans
A Pew Research Center survey conducted last year offers some interesting insights into how people feel about robot caregivers and automation in general. Some Americans view robots as a possible solution to the anticipated shortage in caregivers for the nation’s aging population. However, many are concerned about the negative consequences of replacing human caregivers with […]
The post Robot caregivers elicit mix of worry and enthusiasm among Americans appeared first on Gilfix & La Poll Associates LLP.
- Attorney Michael Gilfix featured as Great Giver in PACE newsletter
Attorney Michael Gilfix was recently recognized for his generous support of the nonprofit Pacific Autism Center for Education (PACE). He was featured as a “Great Giver” in the Spring 2018 issue of the PACE Setter newsletter in acknowledgement of his positive impact on the community. Gilfix is a nationally known authority in the fields of […]
The post Attorney Michael Gilfix featured as Great Giver in PACE newsletter appeared first on Gilfix & La Poll Associates LLP.
- ER visits increase disability risk for seniors, says study
An elderly individual’s emergency room visit for an injury or illness could signal serious health problems, according to recent research. Adults aged 65 and older who make a trip to the ER are at a 14 percent higher risk of experiencing disability and physical decline up to six months after discharge than seniors who do […]
The post ER visits increase disability risk for seniors, says study appeared first on Gilfix & La Poll Associates LLP.
- Key differences between nursing homes and assisted living facilities
Choosing the right type of senior care for yourself or an aging loved one can be a difficult task due to the many options available. Among the best-known types of residential senior care are assisted living centers and nursing homes. Understanding the basic differences between them and whether they fulfill one’s requirements can help the […]
The post Key differences between nursing homes and assisted living facilities appeared first on Gilfix & La Poll Associates LLP.
