Legislation Requires Banks to Make Transfer Warnings

Alerts Customers To Potential Fraud

Assemblywoman Catherine Nolan announced that a bill she sponsored (A.8928), which would require banking institutions to properly warn customers about fraud before money is transferred, has been favorably reported out of the Assembly Banking Committee.

“Fraud hurts everyone regardless of age. We all should be interested in protecting consumers,” Nolan said.

Nolan’s office recently tried to assist a constituent’s mother, who was reportedly victimized out of thousands of dollars.

The legislator thanked the chair of the Banking Committee, Annette Robinson, for taking swift action. The bill now moves to the Assembly Codes Committee.

State Sen. Michael Gianaris is carrying the bill in the State Senate.

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