New York’s top financial and banking regulator announced Wednesday the formation of an advisory board to tackle student debt issues.

The Department of Financial Services is creating a Student Debt Advisory Board, which will consider issues like consumer protection, student financial products and services as well as the issues facing communities affected by the burden of student debt.

Members will be appointed by Superintendent Linda Lacewell for a three-year term.

“DFS is proud to be part of New York’s commitment to protecting New York students and their families, and this newly created board will ensure borrowers are incorporated into every step DFS takes, from community outreach to policy and enforcement,” Lacewell said.

“This diverse group of experts will be a significant source of market intelligence and expertise as DFS continues to respond to the concerns of student loan borrowers and ensure consumers’ interests are placed first above industry’s statewide.”

Meanwhile, new legislation is taking effect today that will require companies that service loans held by New Yorkers to adhere to standards similar regulations that govern mortgages and other lending products.