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Bill

A 4806

Relates to the report of suspected financial exploitation

2025 Regular Session Introduced by Jeffrey Dinowitz and 1 co-sponsor

Banks must identify and report suspected financial exploitation, protecting vulnerable customers and speeding mandatory reports to authorities.

REFERRED TO BANKS
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WeVote Research Nonpartisan
Bill Summary · A 4806

Summary: Assembly Bill A 4806 – Relates to the report of suspected financial exploitation

Overview

  • Bill Number: A 4806
  • Title: Relates to the report of suspected financial exploitation
  • Status: REFERRED TO BANKS (New York State Assembly)
  • Introduced: February 6, 2025
  • Sponsors: Clyde Vanel (primary); Jeffrey Dinowitz (cosponsor)
  • Related Legislation: A 8288 and A 4177 (prior-session)

Purpose and intent (based on the title)

The bill appears designed to address situations of suspected financial exploitation, likely in the context of banking and finance. By directing attention to “reports of suspected financial exploitation,” the measure presumably aims to improve early detection, reporting, and response to potentially abusive financial scenarios involving customers or account holders.

Key provisions (note: text not provided here)

The exact statutory language is not included in the information provided. If the bill follows common patterns for reporting suspected financial exploitation in banking, potential provisions might include:
- Requirements for banks or financial institutions to establish procedures to identify and report suspected financial exploitation of customers (for example, elderly or otherwise vulnerable individuals).
- Mandated reporting to designated authorities (such as adult protective services, law enforcement, or banking regulators) within a specified timeframe.
- Training requirements for bank staff to recognize warning signs (sudden changes in account activity, unusual withdrawals, changes in account ownership, etc.).
- Confidentiality protections for whistleblowers and protected information, with safeguards to balance safety and privacy.
- Compliance standards, audits, and potential penalties for failure to report or for retaliation against employees who report concerns.
- Protocols for handling and sharing information with investigators while protecting the rights of customers.

Important: The above provisions are inferred from the bill’s title and typical frameworks; the actual text could differ. The official bill language would specify the exact duties, timelines, and penalties.

Who would be affected

  • Primary: Banks and other financial institutions operating in the state, including their employees and compliance staff.
  • Secondary: Customers at risk of financial exploitation (notably seniors or vulnerable adults), family members or guardians, adult protective services, and law enforcement or state banking regulators.

Procedural and timeline aspects

  • The bill has been referred to the Banks committee, indicating a focus on banking-related regulatory or reporting requirements.
  • Introduced on February 6, 2025; the legislative actions list shows multiple entries on that date reflecting committee referral.
  • As a committee-referred bill, it would go through committee consideration, potential amendments, floor debate, and votes before moving to the other chamber (as applicable in the session).

Next steps for readers

  • Review the full bill text and fiscal notes on the official New York State Assembly website or legislative portal for precise provisions, timelines, and penalties.
  • Monitor updates on the bill’s progress through the Banks committee and the full legislature.
  • Consider how the proposed requirements would affect bank policies, employee training, and reporting workflows, as well as protections for customers and whistleblowers.

Compiled from official sources — confirm details with the bill’s official record.

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