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DFS ANNOUNCES PAYMENT WITH PAYDAY DEBT COLLECTOR AND PAY DAY LOAN SERVICER LEADING TO ALMOST $12 MILLION OF LOAN FORGIVENESS FOR 1000S 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 1000S OF NEW YORK CONSUMERS

Watch out for whoever claims they are able to save your valuable house in the event that you sign or move the deed to your residence up to them to help you get caught up on your own mortgage repayments or refinance your loan. Never ever submit your home loan repayments to anyone apart from your home loan business without its approval.

The Department is giving property foreclosure prevention professionals to aid homeowners at web web sites throughout the state, especially where you can find high levels of property owners in or vulnerable to foreclosure. The Department’s foreclosure prevention effort premiered in February and contains checked out significantly more than a dozen websites into the state as an element of its outreach work.

news release – September 19, 2017: DFS problems Final Regulation to guard New Yorkers from Unjustified lifetime Insurance Premium Increases

Brand brand brand New Regulation Requires Life Insurers to inform DFS at the least 120 Days Before a unfavorable improvement in non-guaranteed components of a preexisting Life Insurance Policy

Beginning March 19, 2018, Life Insurers Must Now alert customers at the very least 60 times just before A change that is adverse in 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 regulation that is new life insurance policies business techniques associated with increases into the premiums or costs of particular life insurance policies and annuity policies. The last regulation provides DFS the capacity to review increases just before execution and ensure compliance with legislation, by needing life insurers to alert DFS at the very 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 any negative changes to annuity policies manufactured in the previous 12 months. Ny Insurance Law prohibits life insurers from changing non-guaranteed elements in a way that is discriminatory people in exactly the same course of policyholders. Just specific enumerated facets, that do not add revenue, can be viewed whenever wanting to alter elements that are non-guaranteed.

“This legislation is made to protect New Yorkers from unjust and inequitable cost increases in in-force policies — specially the numerous older persons who possess dutifully compensated premiums for decades, and whom can minimum manage increased expenses to keep coverage,” said Superintendent Vullo. “With this regulation that is new DFS will have a way to examine increases by life insurers and make sure any increases adhere to legislation, and customers will likely to be provided advance notice of every unfavorable modifications to their premiums.”

Specific life insurers considerably increased the expense of insurance on older life insurance coverage policies because of reduced profitability stemming from low interest and, in many cases, unfavorable mortality experience. DFS drafted the regulation as a result to concerns raised by customer teams that some insurers haven’t been applying these increases relative to DFS approved policy provisions in addition to appropriate conditions of this New York Insurance Law.

The final regulation requires life insurers to notify consumers at least 60 days prior to an adverse change in non-guaranteed elements of an in-force life insurance or annuity policy in addition to notifying DFS.

The rule that is new by DFS today takes into account commentary which were submitted by the insurance industry throughout the two remark durations for the proposed legislation published in November 2016.

A duplicate associated with the last legislation can be located right right here.

pr release – September 18, 2017: DFS Urges finance institutions to Take Immediate Steps to Safeguard Sensitive customer Data in Light of Equifax Cyberattack

Guidance Instructs Financial Institutions to examine Suggestions Technology, ID Theft and Fraud Prevention Tools

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

Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has granted guidance to urge ny State chartered and licensed banking institutions to just simply take action that is immediate consider precautions to guard customers in light regarding the cybersecurity assault at Equifax that compromised the non-public information of an incredible number of Us americans. The data accessed by hackers includes names, Social Security Numbers, birth times, addresses, and, in a few situations, motorists’ license figures. The guidance given today supports DFS’s first-in-the-nation cybersecurity legislation, which went into impact early in the day this present year, and needs banking institutions, insurance providers, along with other services that are financial managed by DFS to ascertain and keep a cybersecurity system made to protect customers and make certain the security and soundness of brand new York State’s monetary solutions industry.

“The range and scale of the cyberattack is unprecedented and DFS is ready to just take all actions necessary to protect brand brand brand New York’s customers and markets that are financial” Superintendent Vullo stated. “Given the severity of the breach, the possibility injury to customers and our banking institutions, plus in light to the fact that an amount of finance institutions have actually arrangements with Equifax under which financial institutions offer customer account and financial obligation information to Equifax online payday loans South Dakota and get comparable information from Equifax, DFS is issuing this guidance to make sure that this event gets the greatest degree of attention and vigilance at brand brand New York’s regulated organizations.”

Initial reports suggest that hackers could have exploited a internet site application vulnerability to get unauthorized usage of really delicate consumer and commercial data, which highlights the fact finance institutions can no further simply depend on actually recognizable information (PII) as a method of confirming a person’s identity. PII has been bought and offered due to occasions 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 finance institutions to consider the annotated following:

  • Make sure that all given I . t and information protection spots were set up;
  • Ensure that appropriate ID theft and fraudulence avoidance programs come in spot and accompanied for consumer due diligence/Know Your Customer (“KYC”) purposes and before a free account is opened, or credit cards is granted, or any loan or any other kind of funding is authorized, whether for brand new candidates or current customers, and, if appropriate, contemplate using an identification verification/fraud solution for identity verification;

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