New York Gov.
Andrew Cuomo announced Monday that the state will open a website to help consumers and businesses navigate the new state of the nation’s economy.
The website will allow consumers to file complaints with local and federal regulators, and businesses to file with state regulators, according to a statement from the governor’s office.
The New York Times reported that Cuomo said the website will let consumers and companies find and file complaints anonymously.
The site is being created by the New York State Department of Financial Services (NYDFS), the New England Community of Banks, the New Jersey Department of Business Regulation, and the New Hampshire State Banking Department.
It is not a government agency, the Times reported.
The state’s new website, which is not yet live, will allow people to report unfair business practices and the state to sue companies that take advantage of the new economy, the governor said.
Consumers can file a complaint with a state regulator, who will respond with a decision within two weeks.
The New York City-based Consumer Financial Protection Bureau (CFPB) will be responsible for reviewing complaints and providing financial assistance to people in need.
In addition, the federal Consumer Financial Recovery Act (CFRA) will help consumers obtain money from banks and credit unions to help pay for their legal fees.
The new site will also help consumers learn more about how to file a claim for refund, or if a claim is filed for a loan, the statement said.
The state also will offer online tools that will assist consumers with financial decisions, including an online calculator to help with figuring out how much it will cost to refinance a home or auto loan.
The website will also allow consumers and business owners to report problems with a company or consumer credit card, including if an account has been charged back, a loan has been declined, or a consumer is denied a loan because of their credit score.
The online portal will also include resources to help individuals and businesses manage their personal financial information.
For consumers, it will include information on the federal Fair Credit Reporting Act (FCRA) and how to request a credit report, the Cuomo administration said.
For businesses, it also will include tools to help them understand the changes to their financial security that have taken place in the new financial environment.
For example, businesses can learn how to monitor credit and bank accounts and the new Consumer Financial Responsibility and Disclosure Act (CFRDA) rules, it said.