New York City Council Header
File #: Res 0105-2014    Version: Name: Authorizing banks to refuse payment of moneys when there is reason to believe that a vulnerable adult is being financially exploited. (A.5336A/S.639)
Type: Resolution Status: Filed (End of Session)
Committee: Committee on Aging
On agenda: 3/12/2014
Enactment date: Law number:
Title: Resolution calling upon the New York State Assembly to pass, and the Governor to sign A.5336A and S.639, legislation authorizing banks to refuse payment of moneys when there is reason to believe that a vulnerable adult is being financially exploited.
Sponsors: Margaret S. Chin, Paul A. Vallone, Costa G. Constantinides, Julissa Ferreras-Copeland, Peter A. Koo, I. Daneek Miller, Annabel Palma, Deborah L. Rose, Rosie Mendez, Karen Koslowitz, Carlos Menchaca, Andrew Cohen
Council Member Sponsors: 12
Attachments: 1. Res. No. 105 - 3/12/14, 2. Proposed Res. No. 105-A - 9/21/15, 3. Committee Report 9/21/15, 4. Hearing Testimony 9/21/15, 5. Hearing Transcript 9/21/15
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
12/31/2017AMargaret S. Chin City Council Filed (End of Session)  Action details Meeting details Not available
9/21/2015*Margaret S. Chin Committee on Aging Hearing Held by Committee  Action details Meeting details Not available
9/21/2015*Margaret S. Chin Committee on Aging Amendment Proposed by Comm  Action details Meeting details Not available
9/21/2015*Margaret S. Chin Committee on Aging Laid Over by Committee  Action details Meeting details Not available
3/12/2014*Margaret S. Chin City Council Referred to Comm by Council  Action details Meeting details Not available
3/12/2014*Margaret S. Chin City Council Introduced by Council  Action details Meeting details Not available

Proposed Res. No. 105-A

 

Resolution calling upon the New York State Assembly to pass, and the Governor to sign A.5336A and S.639, legislation authorizing banks to refuse payment of moneys when there is reason to believe that a vulnerable adult is being financially exploited.

 

By Council Members Chin, Vallone, Constantinides, Ferreras-Copeland, Koo, Miller, Palma, Rose, Mendez, Koslowitz, Menchaca and Cohen

 

      Whereas, Elder abuse, the intentional harming or creation of a serious risk of harm to a senior, includes physical and emotional abuse, as well as financial exploitation; and

      Whereas, Financial exploitation is particularly detrimental to seniors as an elderly victim likely has far less time and ability to recover from financial losses than a younger target; and

      Whereas, Financial exploitation of seniors is estimated to cost Americans $2.9 billion each year; and

      Whereas, Cases of financial exploitation of a senior are difficult to prove as victims are often hesitant to come forward because their abuser is a relative, may not be aware that the exploitation is occurring, or could be incapable of giving proper consent to those controlling their finances; and

      Whereas, According to the New York State Bureau of Adult Services, 64 percent of reported perpetrators of financial exploitation of a senior were family members, spouses or significant others; and      

      Whereas, Banks and financial institutions may be reluctant to refuse to process transactions or share records with authorities where abuse is suspected due to concerns regarding privacy laws and potential liability; and 

Whereas, New York State Assembly Member Steven Cymbrowitz introduced A.5336A in February 2015 and New York State Senator David Valesky introduced S.639 in January 2015, bills that would allow a banking organization to refuse to conduct transactions requiring the dispersal of moneys in the account of a vulnerable adult, or moneys held for the benefit of such adult, if the organization, a social services official, or a law enforcement agency reasonably believe that financial exploitation has occurred or may occur; and

Whereas, A.5336A and S.639 would also authorize banks to provide access to or copies of historical records or recent transactions relevant to the suspected financial exploitation of a vulnerable adult to law enforcement agencies and social services agencies;

Whereas, the New York State Senate passed S. 639 in June 2015 but the State Assembly has not voted on the companion legislation; now, therefore, be it

Resolved, That the Council of the City of New York calls upon the New York State Assembly to pass, and the Governor to sign A.5336A and S.639, legislation authorizing banks to refuse payment of moneys when there is reason to believe that a vulnerable adult is being financially exploited.

 

KET/ENB

9/9/15 5:10 PM

LS 844/2014