Governor Kathy Hochul today announced that the New York State Department of Financial Services recovered more than $182 million in recoveries and restitution for consumers and health care providers in 2023. Last year, DFS recovered more than $158 million for consumers and health care providers who filed complaints with the Department, as well as $23 million in restitution collected from DFS enforcement and supervisory actions, in addition to other penalties. The announcement builds on the efforts of the Department of Public Service and the Department of State’s Division of Consumer Protection, which earlier this month announced that it returned nearly $9.7 million to consumers in 2023, and complements the Governor’s Consumer Protection and Affordability Agenda, which includes proposals in her FY 2025 Executive Budget to keep money in New Yorkers’ pockets.
“New York State is delivering on its commitment to protect consumers, cracking down on unfair business practices, and putting money back in New Yorkers’ pockets,” Governor Hochul said. “During National Consumer Protection Week, my administration is doubling down on our commitment by helping New Yorkers hold onto their hard-earned money, holding dishonest businesses accountable and doing everything in our power to reduce costs.”
New York State Department of Financial Services Superintendent Adrienne Harris said, “DFS is determined to continue to put money back in the pockets of New Yorkers, and I am very proud of the $182,387,247 DFS recovered this past year. To recognize National Consumer Protection Week, we hope to remind New Yorkers that DFS is here to assist with complaints and create a more resilient financial system.”
DFS’s Consumer Assistance Unit receives and helps to resolve consumer complaints and works with industry and the Department’s enforcement team to investigate and help correct patterns of abuse and fraud. Earlier this year, DFS announced that since its inception in 1997, the Department’s Holocaust Claims Processing Office, which assists Holocaust victims and their heirs recover stolen assets, has helped secure and return over $183 million in compensation to victims and their heirs for bank, insurance, and other material losses. Additionally, through this initiative, the Department of Financial Services has facilitated settlements involving over 250 cultural objects.
Earlier this month, the Governor announced that New York State returned nearly $9.7 million to consumers in 2023, including about $7 million resulting from nearly 25,000 investigations by the Department of Public Service and $2.7 million by the Department of State’s Division of Consumer Protection.
New Yorkers can find resources on a number of topics including disaster recovery; fraud and cyber protection; and student loans. For assistance regarding disputes with banks, insurance companies, and other financial service providers, visit www.dfs.ny.gov/complaint or call (800) 342-3736.
Governor’s Consumer Protection and Affordability Agenda
Governor Hochul unveiled a sweeping consumer protection and affordability agenda as part of her FY 2025 Executive Budget to crack down on deceptive business practices and help keep money in New Yorkers’ pockets. The Governor’s budget includes proposals to amend New York’s consumer laws to strengthen consumer protections against unfair business practices; establish nation-leading regulations for the Buy Now Pay Later loan industry; advance the first major increase in paid medical leave benefits in more than three decades; implement the nation’s most wide-ranging proposal to eliminate co-pays for insulin on certain insurance plans; and combat medical debt.
The Governor also signed legislation last year to protect New Yorkers from price gouging and medical debt and, in 2022, the Governor signed legislation to ban hidden fees for consumers purchasing tickets to live events, expand penalties for use of scalper bots and ticket purchasing software, outlaw the sale of free tickets, and prohibit delivery fees on tickets that are delivered electronically or printed at home.
State Senator Kevin Thomas said, “During National Consumer Protection Week, I'm proud of the work we are doing to make sure New York consumers are protected and supported. I'm thankful for Governor Hochul’s leadership and the Department of Financial Services team for returning a record-setting $182 million directly back into pockets. This additional restitution and recovered funds will give a needed boost to New Yorkers.”
Assemblymember Nily Rozic said, “National Consumer Protection Week is a time for consumers to be informed and empowered. By raising awareness and highlighting consumer needs, we are empowering individuals to make informed decisions and stand up for their rights. Alongside Governor Hochul and her administration, I am dedicated to protecting New Yorkers, offering important resources and support and providing the strongest consumer protections this week and every week.”