May 9, 2018

Statement by New York Financial Services Superintendent Maria T. Vullo Regarding the Consumer Financial Protection Bureau’s Office for Students and Young Consumers

“DFS is concerned with the CFPB’s troubling decision to minimize the role of the Office of Students and Young Consumers. Instead of wisely borrowing the maxim ‘first do no harm,’ the CFPB’s new leadership continues to take aim at hardworking Americans by slashing vital consumer protections, this time by reversing years of positive work protecting students from loan servicers that engaged in unfair, deceptive and abusive practices, and predatory debt collectors, among others. DFS’s Student Protection Unit will continue its nation leading efforts in safeguarding students from fraud and misrepresentation in the market, monitoring student-related financial practices in New York and educating student consumers and their families regarding available financial products and services to empower them to make informed choices. And violators of the law will be met with swift DFS response.”