Maltese encourages passage of Universal Credit Card Postponement

Maryann Maltese, Democratic Candidate of NYS Assembly 12th AD, encourages NYS to take immediate action and pass universal language extending COVID 19 payment postponement deadlines without interest and penalties for New York Credit Card Holders for 90 days.

"NYS Regulates Credit Unions and allows other Commercial Banks to offer Creditors the options to provide New Yorkers with credit card accounts. It's imperative at this stage of State of Emergency for NYS to step forward and require those Banks and Financial Institutions permitted to operate within NYS to provide universal language so creditors are required to offer and place those consumers unable to make timely credit card payments into COVID 19 Programs and to include languages that Consumers need 90 days of time without late fees and/or interest incurring on these credit card accounts", said Maryann Maltese.

Presently, NYS has not introduced State of Emergency Bill languages to require that Financial Institutions, Banks or Credit Unions to offer 90-days-it's the Financial Institutions providing courtesy to card holders. One Bank can offer 30 day extension of time, whereas other banks are offering 60 days-consumers or card holders are doing their best to be diligent, and as this is a Healthcare Pandemic many are not intentionally trying not to work or make payments. If Credit card holders aren't earning wages as they did before-then quite frankly they are not going to be eligible for loan products-thrusting them into a vicious cycle of debt and more personal bankruptcy fillings.

Let's pass something like-COVID 19 Credit Card extender bill language whereas NYS has oversight of those financial institutions that operate within NYS-need to be required by Executive Order immediately to follow new NYS's universal guidelines of 90 days. Dodd-Frank Act provides for competitive rates and freedom of the Market, but as we're still in National and NYS State of Emergencies-NYS can regulate and offer guidelines to the banks so consumers are protected with longer periods of time to make Credit Card payments-to avoid bankruptcy fillings and to rebuild our lives, said Maltese

It's imperative to do this immediately, and I encourage the Governor to intervene immediately-as social distancing mandates continue to reduce staff levels-keeping Long Islanders grounded, on UIB-or if Cares Act UIB is re-introduced and where unable to make Credit card payments. Long Islanders just made their Property Tax Payments in full or set up payment programs without earnings. Long Islanders need to maintain House and Car insurances during Pandemic-so universal languages mandating extended time frames for credit card payment programs without penalties or interests is necessary. This is the reality today-but with the the Executive Order above-it will allow Long Islanders and those from my district to get back on their feet much more quickly, said Maltese.

Once I'm in Albany-I'll be sitting on the Crisis Management Team-appointed or as a Guest Member, said Maryann. It's time to go back to work-for the 12th AD so a Member steps forward and demonstrates compassion and leadership qualities immediately-this is what is needed.

To get involved digitally, virtually or within social distancing requirements-touch base; maryannmaltesefornysassembly@gmail.com