DFS ANNOUNCES PAYMENT WITH PAYDAY DEBT COLLECTOR AND PAY DAY LOAN SERVICER LEADING TO ALMOST $12 MILLION OF LOAN FORGIVENESS FOR TENS AND THOUSANDS OF NEW YORK CONSUMERS

DFS ANNOUNCES PAYMENT WITH PAYDAY DEBT COLLECTOR AND PAY DAY LOAN SERVICER LEADING TO ALMOST $12 MILLION OF LOAN FORGIVENESS FOR TENS AND THOUSANDS OF NEW YORK CONSUMERS

Watch out for anybody who states they are able to keep your house so you can catch up on your mortgage payments or refinance your loan if you sign or transfer the deed to your house over to them. Never ever submit your home loan repayments to anybody aside from your home loan business without its approval.

The Department is giving property foreclosure prevention professionals to aid property owners at web internet web sites over the state, specially where you will find high levels of property owners in or prone to property property foreclosure. The Department’s property property foreclosure avoidance effort was released in February and it has checked out significantly more than a dozen websites within the state included in its outreach work.

news release – 19, 2017: DFS Issues Final Regulation to Protect New Yorkers from Unjustified Life Insurance Premium Increases september

brand New Regulation needs Life Insurers to inform DFS at the least 120 Days Before A change that is adverse in components of a preexisting Life Insurance Policy

Starting March 19, 2018, Life Insurers Must Now inform customers at the very least 60 times just before a undesirable improvement in non-guaranteed components of an In-Force Life Insurance or Annuity Policy

Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has used a brand new legislation regulating term life insurance business methods pertaining to increases within the premiums or costs of specific life insurance policies and annuity policies. The last regulation provides DFS the capacity to review increases just before execution and guarantee conformity with legislation, by needing life insurers to inform DFS at the least 120 times just before a detrimental improvement in non-guaranteed components of a life insurance policy that is in-force. Annuity issuers must now register yearly with DFS to share with the Department of every undesirable changes to annuity policies manufactured in the year that is prior. Ny Insurance Law forbids life insurers from changing non-guaranteed elements in a discriminatory method for people of the exact same course of policyholders. Just specific enumerated facets, that do not consist of revenue, can be viewed when trying to alter elements that are non-guaranteed.

“This legislation was created to protect New Yorkers from unjust and cost that is inequitable in in-force policies — especially the numerous older persons who possess dutifully compensated premiums for decades, and whom can minimum manage increased expenses to keep up insurance policy,” said Superintendent Vullo. “With this regulation that is new DFS can realize your desire to examine increases by life insurers and guarantee any increases conform to legislation, and customers is supposed to be supplied advance notice of any unfavorable modifications for their premiums.”

Specific life insurers dramatically increased the price of insurance coverage on older term life insurance policies as a result of decreased profitability stemming from low interest and, in many cases, negative mortality experience. DFS drafted the legislation in reaction to issues raised by customer teams that some insurers haven’t been applying these increases relative to DFS approved policy provisions and also the appropriate conditions regarding the brand brand New York Insurance Law.

As well as notifying DFS, the ultimate legislation calls for life insurers to inform customers at the least 60 times ahead of a detrimental improvement in non-guaranteed components of an in-force life insurance policies or annuity policy.

The brand new rule used by DFS today takes under consideration responses that have been submitted by the insurance industry throughout the two remark durations for the proposed legislation posted in November 2016.

A duplicate for the last legislation can be located right here.

news release – 18, 2017: DFS Urges Financial Institutions to Take Immediate Steps to Protect Sensitive Consumer Data in Light of Equifax Cyberattack september

Guidance Instructs Financial Institutions to examine I . T, ID Theft and Fraud Prevention Tools

Data Sharing with Equifax along with other Credit Reporting Agencies Should get advanced level of Review and awareness of Determine Potential danger

Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has granted guidance to urge nyc State chartered and licensed banking institutions to simply just take instant action and consider precautions to safeguard customers in light for the cybersecurity assault at Equifax that compromised the private information of millions of People in america. The knowledge accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in a few full situations, motorists’ permit numbers. The guidance granted today supports DFS’s first-in-the-nation cybersecurity legislation, which went into impact earlier in the day this season, and needs banking institutions, insurance providers, along with other services that are financial controlled by DFS to ascertain and keep maintaining a cybersecurity system built to protect customers and make sure the security and soundness of the latest York State’s financial services industry.

“The range and scale with this cyberattack is unprecedented and DFS is ready to just just just take all actions required to protect brand brand brand New York’s customers and markets that are financial” Superintendent Vullo stated. “Given the severity with this breach, the possibility problems for customers and our banking institutions, plus in light to the fact that a quantity of banking institutions have arrangements with Equifax under which financial institutions offer consumer account and financial obligation information to Equifax and get comparable information from Equifax, DFS is issuing this guidance to ensure this event gets the best amount of attention and vigilance at brand brand New York’s regulated organizations.”

Initial reports suggest that hackers might have exploited a site application vulnerability to get unauthorized usage of really painful and sensitive customer and commercial information, which highlights the fact finance institutions can not any longer simply count on actually recognizable information (PII) as a means of confirming a person’s identity. PII will be purchased and offered as a consequence of activities similar to this incident that is latest, which increasingly necessitates consideration of Multi-Factor Authentication and Risk-Based Authentication strategies, as motivated underneath the DFS’s cybersecurity legislation.

DFS is asking brand new York State chartered and licensed banking institutions to consider the immediate following:

  • Make sure that all given information technology and information safety spots were set up;
  • Ensure that appropriate ID theft and fraudulence avoidance programs come in destination and used for consumer due diligence/Know Your Customer (“KYC”) purposes and before https://installmentloansgroup.com/payday-loans-ri/ a merchant account is opened, or a charge card is given, or any loan or other type of funding is authorized, whether for brand new candidates or current customers, and, if appropriate, contemplate using an identification verification/fraud solution for identification verification;