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GOVERNOR CUOMO ANNOUNCES CITIBANK, JPMORGAN CHASE, M&T BANK AND VALLEY NATIONWIDE BANK TO MAKE USE OF DFS DATABASEDAY LENDING

Banking institutions Will Utilize DFS Database Tool to simply help Prevent Electronic Payment and Debit Networks from Being Exploited by prohibited, on the web Payday Lenders

Bank of America consented to make use of the DFS Payday Lender Database earlier in the day this present year

Governor Andrew M. Cuomo announced today that four extra banking institutions have actually decided to make use of database that is new because of the State’s Department of Financial solutions to greatly help determine and prevent unlawful, online payday lending in New York. The banks – Citibank, JPMorgan Chase, M&T Bank and Valley nationwide Bank – will use a database containing informative data on businesses which were susceptible to actions by DFS based on proof of unlawful lending that is payday. This device provides a robust diligence that is due for finance institutions to guard consumers and help make sure that electronic payment and debit companies aren’t used to transfer or gather on unlawful, online pay day loans to New Yorkers. Earlier in the day in 2010, Bank of America became the very first standard bank to consent to make use of this DFS database. Continue reading

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