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Cuomo Administration Takes Action to prevent Prohibited, On The Web Payday Lending Through Debit Card Networks

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Cuomo Administration Takes Action to prevent Prohibited, On The Web Payday Lending Through Debit Card Networks

Governor Andrew M. Cuomo announced brand new efforts to halt the processing of unlawful pay day loans through debit card transactions and assistance protect ny customers. MasterCard and Visa have actually agreed in conversations utilizing the Department of Financial Services (DFS) to simply just take a number of actions to simply help stop this activity that is illegal their debit card sites. A continuing, substantial DFS research has uncovered that as regulatory force mounts on online payday lenders punishment of this Automated Clearing House (ACH) bank payments community some loan providers are alternatively utilizing debit card transactions as a conclusion run around that system to illegally subtract funds from New Yorkers bank reports.

Benjamin M. Lawsky, Superintendent of Financial Services, also today sent cease-and-desist letters to 20 additional businesses that DFS ongoing investigation has defined as illegally advertising, making, or collecting on payday advances to ny customers 12 of which seem to be by using this brand new debit card strategy. With todays action, DFS has delivered stop and desist letters to 55 online loan that is payday. Read More