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Governor Cuomo Announces Citibank, JPMorgan Chase, M&T Bank and Valley National Bank to make use of DFS Database to Help Protect customers from prohibited, Online Payday Lending

Governor Cuomo Announces Citibank, JPMorgan Chase, M&T Bank and Valley National Bank to make use of DFS Database to Help Protect customers from prohibited, Online Payday Lending

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

Bank of America decided to utilize the DFS Payday Lender Database Earlier this current year

Governor Andrew M. Cuomo announced today that four extra banks have actually consented to make use of a database that is new by the State’s Department of Financial solutions to simply help recognize and prevent unlawful, online payday lending in ny. The banks – Citibank, JPMorgan Chase, M&T Bank and Valley nationwide Bank – will start using a database containing all about companies which were susceptible to actions by DFS based on proof of unlawful lending that is payday. This device provides a strong diligence that is due for banking institutions to safeguard consumers and help make sure that electronic payment and debit sites aren’t utilized to transfer or gather on unlawful, payday loans online to New Yorkers. Early in the day in 2010, Bank of America became the initial institution that is financial consent to make use of this DFS database.

Our management will likely not tolerate unlawful payday lending in brand brand New York – in basic terms

“By working along with the sector that is private we have been forcefully combatting unlawful payday lenders and assisting to stamp down illicit loans that trap New Yorkers in destructive rounds of financial obligation.