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 payday advances through debit card transactions and assistance protect ny customers. MasterCard and Visa have agreed in talks aided by the Department of Financial Services (DFS) to simply just just just take a number of actions to greatly help stop this unlawful task over their debit card systems. A continuing, 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 alternatively utilizing debit card transactions as a conclusion run around that system to illegally subtract funds from New Yorkers bank reports. Continue reading “Cuomo Administration Takes Action to prevent Prohibited, On Line Payday Lending Through Debit Card Networks”