Governor Cuomo Announces production of brand New DFS Database Tool to assist Banks Identify and prevent prohibited, Online Payday Lending
Governor Andrew M. Cuomo announced today that Bank of America could be the very very first institution that is financial consent to utilize a fresh Department of Financial solutions (DFS)-created device to greatly help banks recognize preventing unlawful, online payday lending in nyc. DFS built a database of businesses which were susceptible to actions by DFS based on proof unlawful payday lending. The database is likely to be a robust diligence that is due for finance institutions to safeguard consumers and help make sure electronic payment and debit companies aren’t utilized to transfer or gather on unlawful, payday loans online to New Yorkers. Todays statement may be the next in a number of actions DFS has taken during an even more than year-long research to prevent unlawful payday financing over the world wide web in nyc.
Our management is continuing to aggressively combat online payday lending and today our company is urging the personal sector to become listed on us in protecting New Yorkers with this unlawful task, Governor Cuomo stated. We applaud Bank of America for improving as a business frontrunner of this type and doing the thing that is right help protect brand New Yorks customers.
Benjamin M. Lawsky, Superintendent of Financial Services, said: we have been happy that Bank of America set a powerful example and partnered with us about this problem. read more