After Trump Gutted CFPB, Brad Lander Maps Out How NYC Can Protect Consumers
Lander’s plan will enhance protections against junk fees, price gouging, & predatory lending practices that consumers & small businesses are now vulnerable to
Watch recorded press conference here; read the plan here; view photos here
NEW YORK, NY — In response to President Trump gutting the Consumer Financial Protection Bureau (CFPB), NYC Comptroller and mayoral candidate Brad Lander unveiled a detailed plan for New York City to protect consumers now vulnerable to bad acting big businesses and banks. Outside 1 Centre Street, Lander was joined by a former CFPB director Lorelei Salas and Claire Bleiler, a New Yorker whose life was turned upside down due to student loan confusion.
“By gutting the federal agency tasked with protecting Americans from corporate greed, Trump is leaving our families, our seniors, and our small businesses alarmingly vulnerable to financial exploitation,” said Brad Lander. “I’m proud to outline how cities like New York can take specific, decisive action to protect our communities’ financial security, hold bad acting corporations and banks accountable, and deliver economic justice to the everyday folks who work too hard in a City that costs too much.”
As Mayor, Brad will:
Curb junk fees that force consumers to overpay for basic goods and services.
Help local businesses fight anti-competitive abuses by corporate monopolies.
Scale up the NYC Office of Healthcare Accountability and buying back medical debt to tackle skyrocketing medical costs.
Protect student borrowers from deceptive lenders and predatory for-profit schools.
Expand access to low-cost checking and savings accounts for working families.
Fully resource the Department of Consumer and Worker Protection (DCWP) to enforce consumer rights.
Launch a public complaint database to increase transparency and accountability in the marketplace.
Lander outlines how he’ll use existing City tools — including procurement, licensing, economic development, and new legislation — to ensure companies act in consumers’ interests. He’ll also partner with Albany so that we use every tool in our toolkit to protect New Yorkers.
When Lander’s elected, New Yorkers will see:
Fewer hidden fees and bait-and-switch prices and know exactly what they’re paying upfront.
Protection from predatory lending and abusive debt collection practices in the consumer credit, student loan, and auto loan markets.
Millions of dollars returned to New Yorkers cheated by shady business practices.
An end to price gouging so that New Yorkers can afford essential purchases in times of emergency.
One New Yorker’s Student Loan Nightmare
A Hunter College graduate, 30-year-old Claire Bleiler joined Lander to share her story of how she and her family’s lives have been severely impacted by student loan misinformation. Claire had her approximately $20,000 in student loan debt, disbursed across seven loans, on autopay, but received no notice when the federal loan pause resumed and her autopay did not.
Claire also didn’t receive notice from the federal government or NelNet — but Credit Karma — that her credit score had dropped 100 points — and she was marked 90 days delinquent on all seven of her loans.
After days of trying, Claire finally connected to a NelNet representative, only to be told nothing could be done and that she was lucky, since hundreds of borrower’s scores had fallen more: 150 or 200 points. Claire’s credit reversal application was rejected, and despite her approved forbearance, the charges continued.
Claire fears she won’t qualify for home or personal loans for years and is making payments just to avoid hitting the 120-day delinquency mark. No one has explained whether she made a mistake or if a system error occurred. Others on Reddit have experienced similar issues.
A City Council member confirmed the federal Department of Education should oversee her loans, but that office no longer exists. No one in the federal government can address her case. Her mother and friends have also seen their credit scores plummet due to unexplained student loan delinquencies. They’re all trapped in a Trumpian bureaucratic nightmare, searching for answers no one is willing to provide.
“No one should have to go through what I’m going through. I did everything by the book, and still had my financial future ruined. We need a mayor who actually shows up for working people. Brad is the only candidate who’s put forward a real plan to help people like me—along with countless other New Yorkers burned by predatory lending and corporate abuse,” said Claire Bleiler, an impacted New Yorker. "I don't deserve to not be able to sign a lease or buy a home for a decade, to have my financial life ruined. I have a lot of dreams I've been putting off until I've repaid my loans. Now that's gone, and I can't even plan for a future. I'm just shocked by how dehumanizing this whole process has been."
"The news coming from DC could not be worse for American consumers. The federal agencies that were stood up to keep corporate power in check have been decimated, leaving us all at risk of another financial crisis. The next New York City Mayor has the potential to champion economic justice for all NYC residents, and to support businesses that put people before profits,” said Lorelei Salas, former CFPB Supervision Director and NYC Department of Consumer and Worker Protection Commissioner. “Brad has a bold and forward-looking policy platform with strong protections for consumers and small businesses. He will fight corporate greed and predatory practices that rob people of their hard earned dollars, and that give bad actors an unfair advantage over businesses that follow the laws. Brad will use all the city tools at his disposal to tackle the effects that student loan debt and medical debt have on borrowers, so they can enjoy financial stability. He has fought hard for New Yorkers since his time in the Council and I know he will deliver for us as Mayor.”
Both Claire and Lorelai, who speaks Spanish, are available for interview.
Read the specifics of Lander’s plan, Cracking Down on Corporate Greed: Brad’s Consumer & Small Business Protection Agenda.
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