For decades, State Senator Hugh Farley (R - Schenectady County) has often been accused of using his office to advance predatory banking legislation that harms consumers. Yesterday,
I wrote an extensive diary which focused on a controversial bill authored by Farley in 2013 that attempted to make it easier for check cashers to financially exploit low-income borrowers. While I was conducting research on Farley's voting record, I also learned that Farley was one of only three State Senators which opposed legislation that sought to curb the financial exploitation of vulnerable seniors (
S.5707).
A 2013 press release from the office of former State Senator Eric Adams (D - Brooklyn):
(Brooklyn, NY – June 13, 2013) – The New York State Senate passed Senator Eric Adams’s bill (S. 5707) to prevent financial crimes against seniors Wednesday night, bringing Brooklyn one step closer to greatly improved fraud protections for its older population.
The bill would provide elderly consumers with a safety net when they are victimized, create an alert system so that evidence of fraud can be reported directly to law enforcement, and engage banks to identify and prevent financial schemes.
Financial abuse is the most common crime committed against seniors, and Brooklyn has one of the largest elderly populations in the country with more than 500,000 residents over the age of 60.
“The financial exploitation of seniors is a despicable crime that is unfortunately all-too common in Brooklyn and across New York,” said Senator Adams, Chairperson of the Senate’s Committee on Aging. This bill would create a much stronger defense against elderly fraud schemes by giving law enforcement the tools it needs to better identify and prevent these crimes, and by providing victims with a safety net should they get swindled. I look forward to quick implementation of the law so that our seniors have all the protection they deserve.”
The Assembly version of the bill (A.7892) is still pending. Assemblymember Joan Millman, the Assembly’s Aging Chair, is the Assembly sponsor.
State Senator Hugh Farley's campaign contributions from banks, credit unions and the financial sector since 2011:
NBT PAC $500 on 10/6/14
Robert G. Wilmers (CEO of M&T Bank) $500 on 9/26/14
Bank of America PAC $400 on 6/3/14
NAIFA (Nat. Assoc. of Insurance & Financial Adv.) $250 on 3/2/14
New York Check PAC $500 on 3/2/14
Trustco Bank $1,000 on 2/24/14
NBT PAC $500 on 2/3/14
New York Bankers PAC $1,000 on 2/2/14
Pioneer Bank $400 on 2/2/14
Credit Union Political Action Council (CUPAC) $500 1/21/14
New York Bankers PAC $1,000 on 3/12/13
New York Check PAC $1,000 on 3/4/13
Credit Unions PAC $500 on 3/1/13
NYS Independent Bankers PAC $2,500 on 3/1/13
NBT PAC $500 on 2/21/13
Robert G. Wilmers (CEO of M&T Bank) $500 on 2/21/13
NYS Independent Bankers PAC $200 on 10/30/12
New York Check PAC $1,000 on 10/27/12
Bank of America PAC $500 on 10/19/12
Wells Fargo & Co. $1,500 on 10/15/12
NBT PAC $500 on 10/13/12
NYS Independent Bankers PAC $2,500 on 8/29/12
Cardtronics USA $500 on 2/6/12
Trustco Bank $1,000 on 1/24/12
Hudson River Community Credit Union $350 on 1/22/12
NBT PAC $500 on 1/13/12
Robert G. Wilmers (CEO of M&T Bank) $500 on 1/13/12
NYS Independent Bankers PAC $3,000 on 10/31/11
Bank of America PAC $350 on 6/2/11
Citigroup PAC $500 on 4/14/11
Cardtronics USA $500 on 2/14/11
New York Bankers PAC $700 on 2/14/11
New York Check PAC $1,000 on 2/14/11
Credit Unions PAC $350 on 2/13/11
Community Bank $300 on 2/11/11
John Kanas (CEO of BankUnited) $500 on 2/7/11
Robert G. Wilmers (CEO of M&T Bank) $500 on 2/7/11
Trustco Bank $500 on 2/2/11
NBT PAC $500 on 1/28/11
TOTAL CONTRIBUTIONS: $29,350
(Source: New York State Board of Elections)