NYDFS URGES BANK PAYMENT PROCESSING GATEKEEPER NACHA TO JUST TAKE STRONGER ACTION TO ROOT OUT PROHIBITED PAYDAY LENDING
NACHAвЂ™s Proposed Reforms Try Not To Go Far Sufficient and then leave Brand Brand Brand New Yorkers At Risk Of Prohibited, Predatory Payday Lending
Benjamin M. Lawsky, Superintendent of Financial solutions, today announced them to take stronger action to root out illegal payday lending over the internet that he sent a letter to NACHA вЂ“ which manages the development, administration, and governance of the Automated Clearing House (вЂњACHвЂќ) network for payment processing among banks вЂ“ and its board of directors urging.
In August 2013, Superintendent Lawsky formerly called on NACHA to work alongside the latest York state dept. of Financial Services (DFS) to take off usage of ny consumer is the reason unlawful, online lenders that are payday. In November 2013, NACHA proposed a few amendments to current NACHA Rules and invited general public remark. As a result, Superintendent Lawsky published to NACHA and its own board of directors that the reforms that the corporation has proposed: вЂњDo not adequately deal with the present abuses for the ACH system by . . . (more…)