Issues

Issues

Consumer Debt/Student debt/Fair Lending

Consumer Debt/Student debt/Fair Lending

Consumer Debt/Student debt/Fair Lending

New Yorkers of all ages continue to be victimized by predatory lenders and financial scams, whether by payday lenders, debt settlement companies, or unscrupulous mortgage lenders. New Yorkers with burdensome student debt and car loans are pursued by debt buyers, who often engage in abusive debt collection practices and “sewer” process service. There are insufficient legal services available for so many who are already facing financial insecurity, and abusive debt collection disproportionately affects low income, elderly, and disabled New Yorkers.

My office will use its parens patriae powers to investigate systemic risk to New Yorkers and enjoin the loopholes used by Too Big to Fail banks in the consumer debt-supported swaps market.

I strongly support the revival and passage of the Consumer Credit Fairness Act, to better protect consumers from unfair debt-collection lawsuits, and I will use my position as AG to advocate for its passage.