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NYDFS URGES BANK PAYMENT PROCESSING GATEKEEPER NACHA TO JUST TAKE STRONGER ACTION TO ROOT OUT PROHIBITED PAYDAY LENDING

NYDFS URGES BANK PAYMENT PROCESSING GATEKEEPER NACHA TO JUST TAKE STRONGER ACTION TO ROOT OUT PROHIBITED PAYDAY LENDING

NACHA’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 – which manages the development, administration, and governance of the Automated Clearing House (“ACH”) network for payment processing among banks – 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. Weiterlesen