What's happening
This bill requires New York banking institutions to report suspected financial exploitation, establishes guidelines and training, and provides liability protections.
Why it matters
Standardizes How Banks Detect and Report Exploitation. By requiring state officials and stakeholders to create clear guidelines, the bill aims to ensure banks consistently recognize and respond to signs of financial abuse, reducing confusion and missed cases.
Enhances Frontline Bank Employee Training. The bill mandates specialized training—including disability literacy—for bank staff, improving their ability to spot, understand, and appropriately handle suspected exploitation, especially for vulnerable populations like seniors and people with disabilities.
Empowers and Protects Bank Employees. By granting civil immunity for good-faith reporting, the bill removes a key barrier (fear of lawsuits) that might otherwise prevent bank employees from coming forward with their concerns about possible financial exploitation.
Increases Public Awareness and Self-Advocacy. The required customer brochures will help educate the public—especially those at risk—about the signs of financial exploitation and how to seek help, potentially leading to earlier detection and intervention.
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Who cares
Headline styles
Report Elder Financial Abuse
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to aging
- Referred to aging
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6767
2019-2020 Regular Sessions
IN ASSEMBLY
March 19, 2019
Introduced by M. of A. BRONSON -- read once and referred to the Committee on Aging
AN ACT to amend the banking law, in relation to reporting of suspected financial exploitation
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The banking law is amended by adding a new section 9-x to read as follows:
§ 9-x. Reporting of suspected financial exploitation. 1. For purposes of this section, the following terms shall have the following meanings:
(a) "financial exploitation" shall mean activity prohibited pursuant to sections 190.25, 190.26, 190.60, 190.65, 190.78, 190.79, 190.80, 190.80-a, 190.81, 190.82, and 190.83 of the penal law or activity meant to deprive an individual of assets or property by deceptive, manipulative, or other illegal means.
(b) "banking institution" shall have the same meaning as in paragraph (b) of subdivision three of section nine-f of this chapter.
(c) "superintendent" shall mean the superintendent of the department of financial services.
2. The superintendent, in consultation with the director of the office for the aging, the attorney general, representatives of the financial services industry, law enforcement, senior groups, disability groups, and district attorneys, shall develop guidelines relating to reporting suspected financial exploitation. Such guidelines shall include, but not be limited to:
(a) the types of warning signs and evidence that would be acceptable indicators of financial exploitation;
(b) when suspected financial exploitation should be reported;
(c) to whom suspected financial exploitation should be reported;
(d) information that should be included in a report of suspected financial abuse; and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07688-01-9
A. 6767 2
(e) the applicable laws, rules and regulations that must be followed while reporting suspected financial abuse.
3. The superintendent, in consultation with the director of the office for the aging, the attorney general, representatives of the financial services industry, law enforcement, senior groups, disability groups and district attorneys, shall develop (i) training for bank employees concerning the guidelines developed pursuant to subdivision two of this section that shall include disability literacy training; and (ii) a brochure educating bank customers regarding the reporting of financial exploitation and how to report that they are being exploited.
4. A banking institution located or doing business in this state or an employee thereof who, acting reasonably and in good faith in accordance with these guidelines, reports suspected financial abuse shall have immunity from any civil liability that might otherwise result by reason of such actions.
5. The superintendent is directed to promulgate any rules or regulations necessary to carry out the provisions of this section.
§ 2. This act shall take effect on the ninetieth day after it shall have become a law.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.