As New Yorkās 2025 legislative session wraps up, a new report from New York City Comptroller Brad Lander is calling for expanded consumer financial protections across the state. The report, released in early June, urges both city and state leaders to respond to shifting federal regulations by reinforcing local consumer protection laws.Ā
Legislative Developments in AlbanyĀ
This yearās legislative session included a range of proposals aimed at strengthening protections for consumers, particularly in the areas of debt collection and fair business practices. Among them is the FAIR Business Practices Act (Fostering Affordability and Integrity through Reasonable Business Practices), which passed in the final hours of the session.Ā
If signed into law, the act would give the state attorney general ā along with individuals who have been harmed ā the authority to bring civil cases against companies engaged in unfair, deceptive, or abusive practices. The legislation is currently awaiting potential signature by the governor, though some in the business community continue to advocate for revisions.Ā
Industry Advocacy and EngagementĀ
Throughout the session, the New York State Collectors Association (NYSCA) played an active role in shaping the conversation. In May, members of NYSCA, along with their legislative lobbyist, visited the State Capitol to meet with lawmakers. Their discussions focused on proposed legislation and its potential effects on the debt collection industry, as well as the broader implications for consumers and the economy.Ā
The group emphasized the importance of maintaining open dialogue with policymakers and highlighted the role of the collections industry in supporting financial stability for both individuals and businesses.Ā
Key Recommendations from the Comptrollerās ReportĀ
In addition to outlining recent legislative activity, Comptroller Landerās report includes several recommendations aimed at strengthening consumer financial protections in New York:Ā
- Increase funding for enforcement agencies such as the Office of the Attorney General, the New York State Department of Financial Services, and the NYC Department of Consumer and Worker Protection.Ā
- Create a Consumer Protection Restitution Fund to provide financial relief for consumers who may not otherwise receive restitution.Ā
- Update privacy laws to give New Yorkers clearer rights when it comes to accessing, correcting, deleting, and limiting the use or sale of their personal data ā drawing inspiration from states like California and Oregon.Ā
- Establish a public consumer financial complaint database at the city or state level.Ā
- Raise awareness of safe, low-cost banking options through outreach and education.Ā
These recommendations aim to give local regulators and consumers more tools to respond to financial misconduct and adapt to changes in the national regulatory landscape.Ā
To read the full report from the NYC Comptrollerās Office, click here:Ā
View the report (PDF)Ā
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Author:Ā Jennifer Evancic
Jennifer.Evancic@ResourceManagement.com
Jennifer Evancic is a third-party auditor valued by creditors and large organizations for her knowledge in call monitoring within the collections industry. With meticulous attention to detail and a firm grasp of regulatory requirements, she ensures compliance with clientsā criteria and state and federal regulations.
Jennifer audits collections calls, ensuring they meet client-specific criteria and comply with regulations, providing valuable insights and maintaining industry standards.
Beyond her auditing responsibilities, Jennifer takes the lead in organizing and facilitating monthly call calibrations. These sessions serve as a collaborative forum where clients and their vendors come together to discuss call monitoring results and address any findings or areas for improvement. Jenniferās guidance fosters open communication and ensures alignment between clients and vendors, driving continuous improvement in collections practices.
Jennifer stays up-to-date with compliance and industry best practices by participating regularly in peer meetings, regulatory updates and industry webinars. This keeps her informed about emerging issues and ensures she remains a knowledgeable leader in collections compliance.
