Senator Collins and Rep. Poliquin Urge Congress to Pass the Senior $afe Act, Legislation That Will Help Prevent Financial Fraud Targeting Seniors

BANGOR, Maine – U.S. Senator Susan Collins and Congressman Bruce Poliquin spoke in Bangor today about the Senior $afe Act, legislation authored by Senator Collins that would implement innovative financial protections for seniors in Maine and across the country.  Representative Poliquin introduced a companion bill in the House. The event, held at Bangor Savings Bank G. Clifton Eames Learning Center, also featured addresses from Bangor Savings Bank CEO Bob Montgomery-Rice and Rob Carmichael of Maine Savings Federal Credit Union, who praised Senator Collins’ and Congressman Poliquin’s efforts to protect seniors from financial fraud.

“As Chairman of the Senate Aging Committee, protecting seniors from financial exploitation and fraud is one of my top priorities,” said Senator Collins.  “According to the Government Accountability Office, financial fraud targeting older Americans is a growing epidemic that costs seniors an estimated $2.9 billion annually. The Senior $afe Act would help protect seniors’ hard-earned savings by empowering financial institutions to safely report suspected instances of fraud and elder financial abuse.  I will continue to work to ensure that this commonsense legislation becomes law.”

“This is all about protecting our seniors in Maine,” said Congressman Poliquin. “Our State of Maine has the oldest average age in the entire country. It is disturbing and truly despicable to see so many seniors in our State fall victim to such criminal deception from scammers time and time again.  I’m proud to join Senator Collins and my colleagues in Congress—on either side of the aisle—in fighting to support these important protections for our seniors and am committed to pushing this critical and bipartisan legislation through Congress.”

In the Senate, the Senior $afe Act is currently awaiting consideration by the Banking Committee.  The House passed its version of the Senior $afe Act in July with broad bipartisan support.

The legislation, which will help protect seniors from financial fraud, is based on Maine’s innovative and important Senior$afe program pioneered by Maine Securities Administrator Judith Shaw.  In February 2015, Chairman Collins invited Judith Shaw to testify at a hearing that examined ways to prevent the financial exploitation of seniors.

The Senior $afe Act would:

·         Clarify federal law to encourage banks, credit unions, investment advisors, and broker-dealers to report suspected financial fraud; and

·         Provide liability protection as long as employees are properly trained, make reports in good faith and on a reasonable basis, and report to the proper authorities.