The New York Department of Financial Services has announced the creation of a new Consumer Protection Task Force within the NYDFS.
According to the NYDFS press release, the Task Force “will further DFS’s mission to protect consumers as the federal government rolls back important consumer protections’” and one of its first priorities “will be to help DFS build support for and implement the extensive consumer protections proposals included in Governor Cuomo’s 2020 State of the State agenda.” Those proposals include making state law consistent with federal law by giving state regulators authority to bring enforcement actions for unfair, deceptive, or abusive acts or practices related to consumer financial products or services, expanding the consumer products and services subject to state oversight, and giving the NYDFS authority to license and regulate debt collectors.
Task force members are appointed by the NYDFS Superintendent for three-year terms and will serve without compensation. They will provide formal input on the Department’s consumer engagement, policy development, and research. The press release names 12 individuals who will serve as Task Force members, none of whom hold industry positions.