Press Release
CSS President and CEO David R. Jones Applauds Governor Cuomo’s Proposal to Protect Consumers from Abusive Debt Collectors
We commend Governor Cuomo and the Department of Financial Services (DFS) for taking up another challenge to license and further regulate debt collectors. When New Yorkers already struggle to make ends meet, the last thing they should be worried about is being subjected to unscrupulous debt collection practices. When it comes to the impact on student loan borrowers, regulating debt collectors is a logical next step for New York State and the Department of Financial Services. DFS would now have oversight of both student loan servicers and debt collectors, which we hope will increase consumer protections to thousands of student loan borrowers who are in delinquency or default with their student loans. Student loan debt is a $90 billion dollar crisis in New York that affects consumers throughout the state. Along with stepped up state enforcement and oversight, New York’s 2.8 million student loan borrowers need help navigating the complex debt landscape from trusted advocates who will counsel them about their options, steer them away from scams, and work with student loan servicers to get their loans forgiven or enroll in payment plans they can afford.