New York Enacts Expanded Consumer Protections
States keep picking up the pieces as CFPB effectively shuts down
While the Trump Administration continues to dismantle the Consumer Financial Protection Bureau (CFPB), some states are picking up the slack.
Pennsylvania Gov. Josh Shapiro took steps to shore up consumer protection in the Keystone State:
And, this week, New York Gov. Kathy Hochul signed legislation that updates and improves that state’s consumer protections.
The New York laws address multiple areas where consumers are subject to fraud and abuse. The new protections:
Make It Easier for Consumers To Cancel Subscriptions Through a Simpler, More Transparent Process
Require Online Retailers To Post Return and Refund Policies, Giving Consumers a Uniform Standard
Regulate ‘Buy Now, Pay Later’ Loans and Establish Licensing and Supervision Frameworks
Shed Light on ‘Surveillance Pricing,’ When Retailers Use Customers’ Personal Data To Set Prices
Crack Down on Exploitative Overdraft Fees That Target Low-Income Customers
The New York laws pick up in several key areas where the federal CFPB is now dropping its efforts.
While these efforts are laudable, it is important to note that not all states are enacting them.
This means two things:
Consumers need to ask state lawmakers to take action
Congress needs to stop the dismantling of the CFPB