Governor Cuomo Announces Legislation to Protect Elder New Yorkers from Financial Exploitation Included in FY 2021 Executive Budget

Posted to Applied Web NY on Fri, 01/31/2020 - 12:33

Governor Andrew M. Cuomo today announced legislation in the FY 2021 Executive Budget to protect elder New Yorkers from financial exploitation. This proposal will strengthen banks' ability to place a hold on the bank account of a vulnerable adult if there is sufficient reason to believe that the adult is a victim of actual or attempted financial exploitation by creating parameters for the holds, providing financial institutions and employees with immunity from civil liability for holding transactions, and requiring reporting of the hold to the Office of Children and Family Services. The Department of Financial Services will also create a new certification program for banking institutions to bolster training and education in financial exploitation.

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