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

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

Governor Andrew M. Cuomo announced brand new efforts to stop the processing of unlawful pay day loans 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 simply simply take a few actions to simply help stop this activity that is illegal their debit card systems. A continuous, considerable DFS research has uncovered that as regulatory force mounts on online payday lenders punishment of this Automated Clearing House (ACH) bank payments system some loan providers are rather utilizing card that is debit as a conclusion run around that system to illegally subtract funds from New Yorkers bank records. (more…)

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