NY’s Concerning Junk Fee Bill
Last week, the State Government Affairs team at AFSA sent a comment letter to the New York Senate regarding the proposed regulations for the New York Junk Fee Prevention Act. In the letter AFSA highlights concerns with the proposal and its wide-ranging scope and ambiguous wording which creates uncertainty for financial services.
The letter expresses that the proposed legislation would substantially increase the regulatory responsibilities imposed on AFSA members. This, in turn, would escalate operational expenses and heighten consumer eligible requirements for loans from our members. Such an outcome is likely to adversely affect the financial well-being and opportunities for financial advancement for New Yorkers without access to traditional banking credit. AFSA also cites concerns for the consequential effects of reduced financial mobility on communities and the overall state economy.
This letter, along with SGA’s other recent letters, can be found on the direct advocacy section of AFSA’s website.
February 15th, 2024
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