Committee on State and Federal Legislation
TL;DR
The Committee on State and Federal Legislation held a hearing on student debt as a barrier to building generational wealth in New York City. The committee considered two proposed local laws: one requiring the city to report on use of financial counseling services and student debt problems, and another to ban predatory student debt relief scams and allow borrowers to sue companies charging illegal fees.
Key Decisions
- Oversight hearing on student debt as barrier to generational wealth Held
- Local law requiring Department of Consumer and Worker Protection to report on financial empowerment centers and student debt distress Introduced
- Local law banning fraudulent student debt relief fees and establishing private right of action for borrowers Introduced
Agenda
- T2022-2205 Oversight - Student Debt as a Barriers to Generational Wealth.Oversight
- Int 0366-2022 A Local Law to amend the administrative code, in relation to requiring the department of consumer and worker protection to report on public use of the department’s financial empowerment centers and student debt distress in the cityIntroduction
- Int 0621-2022 A Local Law to amend the administrative code of the city of New York, in relation to banning companies that charge a fee for “student debt relief” already provided by the federal government and creating a private cause of action for borrowers who fall victim to these scamsIntroduction
- Jointly with the Committee on Consumer and Worker Protection