New York Department of Financial Services (NYDFS) Superintendent, Linda A. Lacewell, recently wrote an Opinion Article in the New York Daily News, addressing the student lending industry. According to Lacewell, the Trump administration and Education Secretary Betsy DeVos have “dismantled critical consumer protections available to students” and “gutt[ed]” the Consumer Financial Protection Bureau’s student lending
new york department financial services
NY Dept. of Financial Services issues proposed student loan servicer regulations
By John L. Culhane, Jr. on
The New York Department of Financial Services (NYDFS) has issued proposed regulations to implement the legislation enacted in April 2019 that requires servicers of student loans to be licensed, imposes servicing standards, and prohibits certain practices. On July 31, the NYDFS published a notice of proposed rulemaking in the State Register, triggering a 60-day…
New York Department of Financial Services opens investigation into Facebook advertisers
By Christopher J. Willis on
Posted in Fair Credit, State CFS Monitor
Only a few months have passed since the U.S. Department of Housing and Urban Development filed a charge of discrimination against Facebook, alleging that the ad-targeting techniques used to determine which users would see advertising related to housing and housing-related service (like mortgage loans) were based on protected characteristics and “close proxies” for those…