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CUOMO MANAGEMENT TAKES ACTION TO PREVENT PROHIBITED, ON LINE PAYDAY LENDING THROUGH DEBIT CARD NETWORKS

CUOMO MANAGEMENT TAKES ACTION TO PREVENT PROHIBITED, ON LINE PAYDAY LENDING THROUGH DEBIT CARD NETWORKS

DFS Investigation Uncovers on the web Payday Lenders Shifting to Use of Debit Card Transactions as Pressure Mounts on Their punishment of ACH Electronic Payments Network

Superintendent Lawsky Sends Cease-and-Desist Letters to Further On The Web Payday Lenders Illegally Lending in Nyc

Governor Andrew M. Cuomo announced brand new efforts to halt the processing of unlawful payday advances through debit card transactions and assistance protect ny customers. MasterCard and Visa have actually agreed in conversations because of the Department of Financial Services (DFS) to just just just take a few actions to greatly help stop this activity that is illegal their debit card companies. A continuing, considerable DFS research has uncovered that – as regulatory force mounts on online payday lenders’ abuse for the Automated Clearing House (ACH) bank payments community – some loan providers are rather making use of debit card transactions as a conclusion run around that system to illegally subtract funds from New Yorkers’ bank reports.

Benjamin M. Read More