State Senator Charles Fuschillo today announced that the Senate Committee on Consumer Protection, which he chairs, will conduct two public hearing to examine the billing, marketing and disclosure practices of the credit card industry, including universal default clauses that allow credit card companies to raise interest rates if a cardholder makes a late payment to another creditor. The hearings will serve to heighten public awareness of questionable credit card industry practices, while also helping to generate new ideas and measures to protect consumers.
The hearings are scheduled for the following:
Wednesday, April 11, 10:30 a.m.
Leo A. Guthart Cultural Center Theater, Axinn Library
Hofstra University, Hempstead
Monday, April 16, 10 a.m.
State Capitol Building
(joint hearing with the State Assembly Committee on Consumer Affairs and Protection, and the Assembly Committee on Banks)
State officials, consumer advocates and credit card company representatives have been invited to provide testimony. During the hearing, participants will review the need for increased consumer protection of credit card holders, as well as the ability of New York State to regulate the credit card industry.
Other anti-consumer credit card practices will be discussed, including hidden fees if a consumer wishes to make a credit card payment by phone or receive a copy of their billing statement; late payment fee charges, which have increased 160 percent in the past decade; and over-the-limit fees.
For further information, call Jenny Hart in Senator Fuschillo’s office, (518) 455-3341.
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