GOVERNOR CUOMO ANNOUNCES CITIBANK, JPMORGAN CHASE, M&T BANK AND VALLEY NATIONWIDE BANK TO MAKE USE OF DFS DATABASE TO ASSIST SAFEGUARD CONSUMERS FROM PROHIBITED, ON LINE PAYDAY LENDING

GOVERNOR CUOMO ANNOUNCES CITIBANK, JPMORGAN CHASE, M&T BANK AND VALLEY NATIONWIDE BANK TO MAKE USE OF DFS DATABASE TO ASSIST SAFEGUARD CONSUMERS FROM PROHIBITED, ON LINE PAYDAY LENDING

Banking institutions Will use DFS Database Tool to aid Prevent Electronic Payment and Debit Networks from Being Exploited by prohibited, on line Payday Lenders

Bank of America consented to make use of the DFS Payday Lender Database early in the day this season

Governor Andrew M. Cuomo announced today that four extra banking institutions have actually consented to make use of a brand new database developed by the State’s Department of Financial solutions to assist determine preventing unlawful, online payday lending in ny. The banks – Citibank, JPMorgan Chase, M&T Bank and Valley nationwide Bank – will use a database containing home elevators organizations which were susceptible to actions by DFS based on proof of unlawful payday lending. This device provides a robust homework resource for finance institutions to guard consumers and help make sure electronic payment and debit companies aren’t utilized to transfer or gather on unlawful, online pay day loans to New Yorkers. Earlier in the day this current year, Bank of America became the very first standard bank to consent to utilize this DFS database. Read more…