The New York Department of Financial Services (NYDFS) has announced the creation of a Student Debt Advisory Board to advise on consumer protection, student financial products or services, and communities that have been significantly impacted by student debt. The announcement was made on October 9 to coincide with the effective date of Banking Law Article 14-A, which requires licensing of servicers of student loans owed by New York residents and includes provisions pertaining to non-conforming payments, credit reporting, prohibited practices, and recordkeeping.
The announcement is part of the “Step Up for Students” initiative announced by the NYDFS last month to safeguard student loan borrowers from discriminatory or predatory practices by student loan servicers.
The advisory board will meet quarterly, and will be charged with identifying and assessing the impact of emerging practices on consumers and other market participants related to student debt. The board will also provide formal input on consumer engagement, policy development and research.
The following individuals were appointed by NYDFS Secretary Lacewell to serve on the advisory board for a three-year term beginning in 2019:
- Seth Frotman, Executive Director, Student Borrower Protection Center (Mr. Frotman formerly served as the CFPB’s Student Loan Ombudsman and has been a vocal critic of the CFPB since his departure.)
- Yan Cao, Fellow, The Century Foundation
- Evan Denerstein, Senior Staff Attorney, Consumer Rights Project, Mobilization for Justice
- Pam Lanich, Staff Attorney, Western New York Law Center
- Haris Khan, Chairperson of the City University of New York’s University Student Senate (to serve Ex Officio