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GOVERNOR CUOMO ANNOUNCES CITIBANK, JPMORGAN CHASE, M&T BANK AND VALLEY NATIONWIDE BANK TO UTILIZE DFS DATABASENDING

GOVERNOR CUOMO ANNOUNCES CITIBANK, JPMORGAN CHASE, M&T BANK AND VALLEY NATIONWIDE BANK TO UTILIZE DFS DATABASENDING

Financial institutions use DFS Database Tool to help Prevent Electronic greatly Payment and Debit Networks from Being Exploited by prohibited, on line Payday Lenders

Bank of America made a decision to make use of the DFS Payday Lender Database earlier this year that is present

Governor Andrew M. Cuomo announced today that four banking that is extra have actually made a decision to take advantage of a database that is brand new due to the StateРІР‚в„ўs Department of Financial answers to assist acknowledge preventing illegal, online payday financing in ny. The banks – Citibank, JPMorgan Chase, M&T Bank and Valley nationwide Bank – will begin utilizing a database containing informative data on businesses which were vunerable to actions by DFS based on proof illegal lending that is payday. This product supplies a robust diligence that is born for finance organizations to shield customers which help make certain electronic re payment and debit internet web sites aren’t useful to move or gather on illegal, online pay day loans to New Yorkers. Early in the day this year, Bank of America became first standard bank to consent to work with this DFS database.

“Our administration will most likely maybe not tolerate illegal financing that is payday completely new York – ordinary and easy,” Governor Cuomo reported. “By working along side the sector that is personal we’ve been forcefully combatting illegal lenders that are payday assisting to stamp straight straight straight down illicit loans that trap New Yorkers in destructive rounds of economic obligation. We commend these finance organizations for doing the point that is appropriate joining us to.” protect clients

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