ASSEMBLY STANDING COMMITTEE ON BANKS
ASSEMBLY STANDING COMMITTEE ON CONSUMER AFFAIRS AND PROTECTION
NOTICE OF PUBLIC HEARING
|
ASSEMBLY STANDING COMMITTEE ON BANKS ASSEMBLY STANDING COMMITTEE ON CONSUMER AFFAIRS AND PROTECTION NOTICE OF PUBLIC HEARING |
|
SUBJECT: |
Suspension of CashPoint Network Services, Inc |
|
|
|
|
PURPOSE: |
To discuss issues regarding the suspension of CashPoint's license to operate in New York State. |
|
New York City
Friday
Assembly Hearing Room |
|
On Wednesday, April 21, the New York State Banking Department suspended the license of CashPoint Network Services, Inc., a licensed money transmitter, citing that the company had as much as $40 million in outstanding debt to creditors. The closing of this company, which also provided bill paying and check cashing services to hundreds of thousands of customers, may have a crippling effect on those customers, whose bill payments in many cases have not been forwarded to the proper entity - potentially resulting in late fees and temporary cancellation of utility services. This hearing will examine this troubling situation in an attempt to discover what went wrong, what the consequences of this suspension will be for the State's consumers, and how this situation can be prevented in the future. The hearing will also consider new legislation - A.11846 - designed to provide greater insurance for money transmitters that have become insolvent. Persons wishing to present pertinent testimony to the Committee at the above hearing should complete and return the enclosed reply form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the event of emergency postponement or cancellation. Oral testimony will be limited to 10 minutes' duration. In preparing the order of witnesses, the Committee will attempt to accommodate individual requests to speak at particular times in view of special circumstances. These requests should be made on the attached reply form or communicated to Committee staff as early as possible. In the absence of a request, witnesses will be scheduled in the order in which reply forms are postmarked. Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committee would appreciate advance receipt of prepared statements. In order to further publicize these hearings, please inform interested parties and organizations of the Committee's interest in hearing testimony from all sources. In order to meet the needs of those who may have a disability, the Assembly, in accordance with its policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Assembly facilities and activities. |
|
|
|
PUBLIC HEARING REPLY FORM Persons wishing to present testimony at the public hearing on CashPoint are requested to complete this reply form as soon as possible and mail it to:
Renee Skorupski |
|
|
|
|
|
I plan to attend the following public hearing on CashPoint to be conducted by the Assembly Committee on Banks on September 24, 2004. |
|
|
|
|
|
I plan to make a public statement at the hearing. My statement will be limited to 10 minutes, and I will answer any questions which may arise. I will provide 10 copies of my prepared statement. |
|
|
|
|
|
I will address my remarks to the following subjects:
|
|
|
|
|
|
I do not plan to attend the above hearing. |
|
|
|
|
|
I would like to be added to the Committee mailing list for notices and reports. |
|
|
|
|
|
I would like to be removed from the Committee mailing list. |
|
|
|
|
|
I will require assistance and/or handicapped accessibility information. Please specify the type of assistance required: |
|
|
|
|
|
|
| NAME: |
|
|
|
|
| TITLE: |
|
|
|
|
| ORGANIZATION: |
|
|
|
|
| ADDRESS: |
|
|
|
|
| E-MAIL: |
|
|
|
|
| TELEPHONE: |
|
|
|
|
| FAX TELEPHONE: |
|
|
*** Click here for printable form *** |
|
|
New York State Assembly [ Welcome Page ] [ Committee Updates ] |