De Blasio Administration Reduces Business Fines Assessed by Consumer Affairs in Half

 

Keeping the expenses of a business in check can help an enterprise thrive or, in tough times, even help to keep it afloat. This is one of the reasons why Victory State Bank, Staten Island’s only community-based commercial bank, sees merit in the reduction of fines assessed on small businesses.

On July 31, Mayor Bill de Blasio and Department of Consumer Affairs Commissioner Julie Menin announced onerous fines assessed on small businesses have been cut in half, fulfilling the Mayoral pledge to reduce fines, as well as violations, and reduce revenue from these fines by $5 million.

Fines assessed have declined from $32.5 million to just over $15.7 million, and violations reduced from 19,409 to 11,923. New York City lawmakers, including those on Staten Island, are taking notice.

 “I applaud Mayor Bill de Blasio and Department of Consumer Affairs Commissioner Julie Menin for their commitment to reducing punitive fines on our city's small businesses,” said Council Member Vincent Gentile. 

“… Since the enactment of the Small Business Relief Package last summer, fines are down by $5 million across the board. This is a victory for small business owners and a victory for equity and fairness. Our business owners essentially keep our city running; it's about time city government worked for them.”

Council Member Debi Rose said, “Small businesses are the engine of New York City's economy, and I know that they face challenges every day. The Department of Consumer Affairs' efforts to reduce fines and increase transparency and fairness have resulted in measurable changes that will help small businesses reinvest in their enterprises, employees, and communities. …”

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

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