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ASSEMBLY STANDING COMMITTEE ON CONSUMER AFFAIRS AND PROTECTION
ASSEMBLY STANDING COMMITTEE ON BANKS

NOTICE OF PUBLIC HEARING


SUBJECT:

Financial Services for Low-Income Consumers

PURPOSE:

To examine the availability, cost, and risks of financial services available to low-income consumers and to explore how the State can better protect such consumers.

NEW YORK CITY
Thursday, October 5, 2006
10:00 a.m.

250 Broadway
Assembly Hearing Room 1923, 19th Floor
New York, NY


Low-income consumers face a variety of challenges in the financial marketplace. Many low-income consumers do not have access to traditional banking services and are therefore forced to rely on non-bank entities, such as check cashers and rent-to-own businesses. Many of these consumers also use alternative products offered by traditional service providers, such as short-term "payday loans" and high-cost home loans. Significant fees and high interest rates are often associated with the use of these alternative services and products.

This hearing will examine the impact of alternative financial services on low-income consumers. The hearing will also investigate the need for increased state regulation of alternative financial service providers, including rent-to-own businesses, check cashers, and financial institutions that offer short-term, high-cost loans, in order to ensure consumer protection in this area.

Oral testimony will be limited to ten minute durations. Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committees would appreciate advance receipt of prepared statements. Written testimony will also be accepted and may be sent to the contact persons listed on the reply form. In order to publicize the hearing further, please inform interested parties of the Committees' interest in receiving written testimony from all sources.

In order to meet the needs of those who may have a disability, the Senate and Assembly, in accordance with their 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 Senate and Assembly facilities and activities.


Committee on Consumer Affairs and Protection
Committee on Banks



PUBLIC HEARING REPLY FORM

Persons invited to present testimony at the public hearings on Financial Issues Facing Low-Income Consumers to be held on October 5, 2006 or who wish to submit written testimony only, are requested to complete and return this reply form to:

Jeffrey O'Donnell
Legislative Associate
22nd Floor, AESOB
Albany, New York 12248
Phone: (518) 455-4355
Fax: (518) 455-7250


box I plan to attend the public hearing on Financial Issues Facing Low-Income Consumers to be conducted by the Assembly Committee on Consumer Affairs and Protection and the Assembly Committee on Banks on October 5, 2006.

box I plan to make a public statement at the hearing on Financial Issues Facing Low-Income Consumers. 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.

box

I will address my remarks to the following subjects:





box I do not plan to attend the above hearing.

box I would like to be added to the Committee mailing list for notices and reports.

box I would like to be removed from the Committee mailing list.

box

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 ***


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