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WBK Industry News - State Regulatory Developments

New York Announces New Consumer Protection Task Force

The New York Department of Financial Services (NYDFS) recently announced the creation of a new Consumer Protection Task Force (Task Force) within the NYDFS.  The Task Force, which is the NYDFS’ third standing advisory board, will provide informal input on the NYDFS’ consumer engagement, policy development, and research.  

One of the Task Force’s initial priorities will be to help the NYDFS implement “the extensive consumer protections proposals included in Governor Cuomo’s 2020 State of the State agenda, including measures to strengthen regulatory oversight of debt collectors, crack down on elder financial abuse, increase access to affordable banking services, and strengthen the state’s consumer protection laws to protect New Yorkers against unfair, deceptive, and abusive practices.”  Each Task Force member was appointed by NYDFS Superintendent Linda A. Lacewell and will serve for a three-year term.  As noted in the press release, the initial members were selected based on their expertise in the areas of economic justice, housing, health and debt collection, and advocacy on behalf of New York communities.