March
2024
8
Testimony Before the NYS Assembly on the “Impact of Financial Technology (Fintech) and its Role in New York’s Banking Industry”
Today’s hearing on the impact of financial technology within New York’s banking sector presents a vital opportunity to begin reshaping our state’s approach to financial services policy and economic justice. My testimony will address the dangers posed by predatory financial technology, or ‘fintech,’ and the urgent need for New York State to advance structural reforms. This includes closing loopholes in our usury law exploited by fintech companies and other predatory financial services companies, as well as supporting initiatives and institutions such as public banking and Community Development Financial Institutions (CDFIs) to expand access to equitable financial services in New York State.