McCaskill Bill Looks to Protect Seniors’ Bank Accounts

A bill sponsored by Missouri Senator Claire McCaskill would allow financial institutions to be able to take steps to protect seniors in cases of suspected fraud or theft.  Banks have previously expressed concern that they may be seen as violating clients’ privacy rights if they reported activity deemed suspicious.  McCaskill’s bill would protect them from any such ramifications.  The legislation, theoretically, should free up the financial institutions to report to authorities any activity on seniors’ accounts that they suspect may be a case of fraud or exploitation.  It’s based on a program called Senior Safe that is in effect in Maine.  The bill has been passed by the U.S. House and awaits full consideration by the Senate after passing through the banking committee in December.