NY S06051

Establishes definitions for "financial institution" to include depository institutions, institution-affiliated parties, federal credit unions, and state credit unions as referenced in federal banking law.

Defines "financial exploitation" as improper use of an elderly person's funds, property, or resources through fraud, embezzlement, forgery, coerced transfers, or denial of asset access.

Expands the elderly abuse education and outreach program to include financial outreach, education, and training for certified public accountants, attorneys, tax preparers, and financial institutions operating in New York State.

Requires designated agencies to demonstrate capacity to coordinate services with banking, human service, law enforcement, and public agencies, including adult protective services units.

Takes effect 120 days after becoming law, with authority to adopt necessary rules and regulations effective immediately.