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

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

Governor Andrew M. Cuomo announced brand new efforts to stop the processing of unlawful payday advances through debit card transactions and assistance protect ny customers.

MasterCard and Visa have actually agreed in discussions aided by the Department of Financial Services (DFS) to just simply take a number of actions to aid stop this activity that is illegal their debit card companies. A continuing, considerable DFS research has uncovered that as regulatory pressure mounts on online payday lenders punishment of this Automated Clearing House (ACH) bank payments community some loan providers are rather utilizing debit card transactions as a conclusion run around that system to illegally subtract funds from New Yorkers bank records. Continue reading “Cuomo Administration Takes Action to prevent Illegal, On Line Payday Lending Through Debit Card Networks”