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#2212553 - 05/01/19 03:20 PM New Consumer protection division
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,018
Utopia
FYI to all my NYS Peers:

New NY consumer protection/enforcement division
The New York Department of Financial Services has created a new Consumer Protection and Financial Enforcement Division, and appointed Katherine Lemire to head it. The new division is responsible for protecting and educating consumers and fighting consumer fraud, as well as ensuring that regulated entities comply with New York and federal law in relation to their activities serving the public. It is also responsible for developing investigative leads and intelligence in furtherance of the Department's efforts to enforce banking, insurance and financial services laws, with particular focus on the review and response to cybersecurity events and the development of supervisory, regulatory and enforcement policy and direction in the area of financial crimes.

They sure use the word enforce a lot wink
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#2212577 - 05/01/19 05:16 PM Re: New Consumer protection division Soccer
praBSA Offline
Gold Star
Joined: Aug 2018
Posts: 330
Doesn't DFS already do all this? Sounds like a "let's look better" move and spend more state money where it's not needed.

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#2212578 - 05/01/19 05:22 PM Re: New Consumer protection division Soccer
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,639
The Country
Perfect example of the duplicative nature of the government. There are already at least 2 to 3 departments/divisions that are tasked with this. NY is such a nanny state they have laws for every conceivable thing. I couldn't imagine running a business there. Best of luck to those who have to live under such a regime.
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#2212684 - 05/02/19 03:36 PM Re: New Consumer protection division Soccer
WABComply Offline
100 Club
Joined: Jul 2017
Posts: 223
To me it looks more like a political move than anything else. All they did was combine 2 separate departments into one and get a prosecutor to run it. I'm not so worried about the enforcement part but if they are like the CFPB they can write their own rules. If they are more restrictive or should I say protective than the federal rules and regs, a Bank will need to comply. Wondering if they are going to require additional reporting for Banks that are exempt from reporting the full loan data on the HMDA LAR.

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#2213327 - 05/10/19 01:03 PM Re: New Consumer protection division Soccer
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,018
Utopia
RockChucker-you nailed it. This state is going in a direction like no other and losing residents every day. Oh wait, the governor claims it is because of the weather! SMH
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#2213329 - 05/10/19 01:43 PM Re: New Consumer protection division Soccer
MScarn6942 Offline
Platinum Poster
Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
Originally Posted By Soccer
RockChucker-you nailed it. This state is going in a direction like no other and losing residents every day. Oh wait, the governor claims it is because of the weather! SMH


We're not much better over in Illinois smile
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