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

Cuomo Administration Takes Action to prevent Prohibited, On The Web 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 talks with all the Department of Financial Services (DFS) to just take a few actions to simply help stop this activity that is illegal their debit card companies. A continuous, substantial DFS research has uncovered that as regulatory force mounts on online payday lenders punishment 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 subtract funds from New Yorkers bank records. Continue reading «Cuomo Administration Takes Action to prevent Prohibited, On The Web Payday Lending Through Debit Card Networks»