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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 pay day loans through debit card transactions and assistance protect ny customers. MasterCard and Visa have actually agreed in conversations because of the Department of Financial Services (DFS) to just take a number of actions to assist stop this unlawful task over their debit card companies. 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 rather utilizing debit card transactions as a conclusion run around that system to illegally deduct funds from New Yorkers bank reports. Continuar leyendo “Cuomo Administration Takes Action to prevent Prohibited, On Line Payday Lending Through Debit Card Networks”