Congress has recently passed the Senior Safety Act to better protect senior citizens from elder abuse and exploitation. The new law allows financial service providers such as banks and brokerage firms to disclose financial information to law enforcement if they believe it may be a result of elder abuse. The law gives financial institutions immunity from being sued to allow them to stop financial exploitation of elderly clients.
The Senior Safety Act allows employees of financial institutions to report suspicious activity dealing with elder abuse to appropriate government agencies and law enforcement without facing the possibility of being sued in court. This makes the process of stopping abuse and finding the people who perpetrate it more efficient.