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

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

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

Governor Andrew M. Cuomo announced efforts that are new halt the processing of unlawful payday advances through debit card transactions and assistance protect New York consumers. MasterCard and Visa have actually agreed in conversations utilizing the Department of Financial Services (DFS) to just take a few actions to aid stop this activity that is illegal their debit card sites. A continuing, considerable DFS research has uncovered that – https://badcreditloanzone.com/payday-loans-ms/ as regulatory force mounts on online payday lenders’ abuse for the Automated Clearing House (ACH) bank payments system – 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. Lawsky, Superintendent of Financial Services, also today sent cease-and-desist letters to 20 additional organizations that DFS’ ongoing investigation has defined as illegally advertising, making, or collecting on pay day loans to ny customers – 12 of which seem to be utilizing this debit card tactic that is new.