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Cuomo Wants to Give N.Y. Financial Regulator More Powers

Jan. 8, 2020, 10:24 PM

New York’s financial regulator could get more power to go after companies that scam consumers in 2020.

Gov. Andrew Cuomo (D) said he would propose legislation allowing the New York Department of Financial Services and the state’s attorney general to pursue companies for abusive acts and practices, along with their existing authority to pursue companies for unfair and deceptive acts and practices.

The proposal was included in a 321-page “state of the state” document the governor released on Jan. 8 that also calls for the regulator to license and oversee debt collectors. It also would hike penalties on insurance companies...

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