2004-05-28 / Community

Pheffer Holds "CashPoint" Hearing

Pheffer Holds "CashPoint" Hearing

Assemblywoman Audrey I. Pheffer has announced that the Assembly Committee on Consumer Affairs and Protection, along with the Assembly Committee on Banks is holding a public hearing to discuss issues regarding the suspension of CashPoint’s license to operate in New York State.

The New York State Banking Department suspended the license of CashPoint Network Services, Inc. on April 21, 2004, citing that the company had as much as $40 million in outstanding debt to creditors. CashPoint Services was licensed money transmitters, which also provided bill paying and check cashing services to hundreds of thousands of customers.

The hearing will be held on Friday, June 4 at 11:00 a.m. in the Assembly Hearing Room, 250 Broadway, Room 1923 –19th Floor in Manhattan.

"This hearing will examine the troubling situation that has occurred with CashPoint Services, Inc. so that we may be able to discover what went wrong, what this suspension will mean for the State’s consumers, and how we can prevent a situation such as this in the future," said Pheffer.

Anyone wishing to present pertinent testimony to the Committee at the hearing should complete and return a reply form as soon as possible, available from Assemblywoman Pheffer by calling (718) 945-9550.

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