New York DFS Reports on Financial Enforcement Efforts to Protect Consumers

The New York Department of Financial Services ("DFS") recovered more than $60 million as a result of consumer and health care provider complaints filed in 2021.

In a release issued in connection with National Consumer Protection Week, DFS stated that its Consumer Assistance Unit "processed more than 40,000 complaints against insurance companies, banks, and other financial institutions for issues such as student loan servicing, debt collection, and property foreclosure." Further, DFS noted that the recovery is in addition to "$6 million in restitution from DFS enforcement actions and $127 million in penalties against financial institutions and service providers."