Superintendent Adrienne A. Harris Announces DFS Secures More than $66 Million to Consumers & Health Providers in 2021
$60 Million Recovered Through Consumer- and Provider-Filed Complaints and Almost $6 Million Returned to New Yorkers Through Restitution from DFS Enforcement Actions
Marking National Consumer Protection Week this year, Superintendent of Financial Services Adrienne A. Harris announced the New York State Department of Financial Services (DFS) recovered more than $60 million in 2021 for consumers and healthcare providers who filed complaints with the Department, as well as almost $6 million in restitution from DFS enforcement actions and $127 million in penalties against financial institutions and service providers. DFS processed more than 40,000 complaints against insurance companies, banks, and other financial institutions for issues such as student loan servicing, debt collection, and property foreclosure. New Yorkers can seek help resolving financial issues and disputes in 11 languages at www.dfs.ny.gov/complaint or by calling (800) 342-3736.
“DFS works tirelessly to help New Yorkers get the justice they deserve, and I am proud that last year we put $66 million back in their pockets,” said Superintendent Harris. “As we mark National Consumer Protection Week, New Yorkers should know that DFS is here to help them and will fight every day to forge a fairer and more resilient financial system.”
DFS’s Consumer Assistance Unit (CAU) receives and helps to resolve consumer complaints and works with industry and the Department’s enforcement team to investigate and help correct patterns of consumer abuse and fraud.
In 2021, CAU received 36,692 insurance complaints and recovered $59,593,618 for consumers and healthcare providers. The Unit also processed over 4,000 non-mortgage related banking complaints and recovered $1,035,647 for New Yorkers.
This is in addition to $5,748,146.82 put back in New Yorkers’ pockets as a result of DFS enforcement actions against financial institutions and service providers for violating laws and regulations or committing fraud.
Through DFS enforcement actions, financial institutions and service providers were also fined $127,954,000 in 2021.
On the DFS website, New Yorkers can find resources on a number of topics including disaster and flood recovery; fraud and cyber protection; student loans; and COVID-19-related health insurance information. For assistance resolving disputes with banks, insurance companies, and other financial service providers, visit www.dfs.ny.gov/complaint or by calling (800) 342-3736.