Senate Standing Committee on Banks
Chair: Senator Joseph A. Griffo
Public Hearing: To inform and educate consumers to expedite the release of any remaining insurance funds from Superstorm Sandy that are being held by banks and mortgage servicers and have not yet been sent to homeowners.
Place: Van Buren Hearing Room A, Legislative Office Building, 2nd Floor, Albany,
Time: 1:00 P.M.
Contact: Dwight Evans (518) 455-3334
Media Contact: Senate Press Office (518) 455-2264
ORAL TESTIMONY BY INVITATION ONLY
SENATE STANDING COMMITTEE ON BANKS
NOTICE OF PUBLIC HEARING
Oral Testimony by Invitation Only
Thursday, February 28, 2013
Hearing Room A, Legislative Office Building
Albany, New York
SUBJECT: Release of Remaining Superstorm Sandy insurance funds currently held by Banks and Mortgage Servicers to affected homeowners.
PURPOSE: To inform and educate consumers to expedite the release of any remaining insurance funds from Superstorm Sandy that are being held by banks and mortgage servicers and have not yet been sent to homeowners.
A recent investigation by the New York State Department of Financial Services (DFS) uncovered $200 million in insurance funds from Superstorm Sandy that are being held by banks and mortgage servicers and have not yet been sent to homeowners who need the money to pay for necessary repairs to their homes.
The purpose of this Committee Hearing is to examine how banks release funds, and to find ways to reduce the barriers preventing a more expeditious flow of insurance funds to homeowners.
Oral testimony will be accepted by invitation only and limited to 10 minutes in duration. 15 copies of any prepared testimony should be submitted at the hearing registration desk. The Committee requests advance receipt of prepared statements. Written testimony will also be accepted and may be sent to the contact person listed on the reply form. In order to further publicize the hearing, please inform interested parties of the Committee’s interest in receiving written testimony from all sources.
In order to meet the needs of those who may have a disability, the Legislature, 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 Legislative facilities and activities.
Senator Joseph A. Griffo
Committee on Banks
Legislative Office Building
Albany, New York 12247