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

Governor Andrew M. Cuomo announced efforts that are new stop the processing of unlawful payday advances through debit card transactions and assistance protect ny customers. MasterCard and Visa have actually agreed in discussions with all the Department of Financial Services (DFS) to take a number of actions to assist stop this activity that is illegal their debit card systems. A continuing, substantial DFS research has uncovered that as regulatory force mounts on online payday lenders abuse of this Automated Clearing House (ACH) bank payments community some loan providers are rather making use of card that is debit as a conclusion run around that system to illegally deduct funds from New Yorkers bank accounts. Continue reading