Address Financial Exploitation of Older Adults

Disclaimer

Throughout the MPA process, more than 100 proposals were developed thanks in particular to thousands of hours of work by external stakeholders and members of the public. These proposals and the MPA Council commentary are being submitted to the Governor and shared with policymakers and the public to inform policymaking. These proposals represent a starting point for discussion. Further discussion is necessary between relevant state agencies and stakeholders to both refine these proposals and assess which may be appropriate to adopt and implement.

Summary

Build on and increase access to existing comprehensive training on financial exploitation on the identification, prevention, and reporting of financial exploitation for bank staff. Build on existing training programs and funding provided by New York State agencies.

Justification

Older adults may fall victim to financial exploitation resulting in financial loss. Training programs for front line staff may work to prevent elder abuse.

Full Proposal

Specifically address the financial exploitation of Older Adults:

• Build on existing and make available additional and more comprehensive training on financial exploitation to front line bank staff on the identification, prevention, and reporting of financial exploitation of older adults.

Build upon and expand funding for existing trainers and/or financial exploitation education and programs provided by NYSOFA and DFS to train local and regional banks on financial exploitation of older adults.

MPA Council Commentary

This proposal is categorized as near-term and was proposed as part of Governor Hochul’s FY26 Executive Budget.