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

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

Watch out for anybody who states they could save your valuable house if you signal or transfer the deed to your dwelling up to them in order to get caught up on your own mortgage repayments or refinance your loan. Never ever submit your mortgage repayments to anybody apart from your home loan business without its approval.

The Department is giving property foreclosure prevention experts to help home owners at web internet sites throughout the state, especially where you will find high levels of property owners in or vulnerable to property foreclosure. The Department’s property foreclosure avoidance effort was released in February and has now checked out significantly more than a dozen internet sites into the state included in its outreach effort.

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

New Regulation needs Life Insurers to inform DFS at the least 120 Days Before a undesirable improvement in non-guaranteed aspects of a preexisting Life Insurance Policy

Beginning March 19, 2018, Life Insurers Must Now alert customers at the least 60 times ahead of a negative improvement in non-guaranteed components of an In-Force Life Insurance or Annuity Policy

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has used a regulation that is new term life insurance business methods linked to increases within the premiums or charges of specific term life insurance and annuity policies. The last regulation provides DFS the capacity to review increases ahead of execution and make sure conformity with legislation, by requiring life insurers to inform DFS at the very least 120 times ahead of a bad improvement in non-guaranteed aspects of an in-force life insurance coverage. Annuity issuers must now register yearly with DFS to tell the Department of every negative changes to annuity policies manufactured in the previous 12 months. Ny Insurance Law forbids life insurers from changing non-guaranteed elements in a way that is discriminatory people in exactly the same course of policyholders. Just particular enumerated facets, that do not add revenue, can be viewed as whenever trying to alter non-guaranteed elements.

“This legislation was designed to protect New Yorkers from unjust and cost that is inequitable in in-force policies — specially the numerous elderly people that have dutifully compensated premiums for many years, and whom can minimum manage increased https://www.paydayloansmichigan.net expenses to keep insurance policy,” said Superintendent Vullo. “With this brand new legislation, DFS will have a way to examine increases by life insurers and guarantee any increases conform to legislation, and customers are going to be supplied advance notice of every unfavorable modifications with their premiums.”

Particular life insurers notably increased the expense of insurance coverage on older term life insurance policies as a result of reduced profitability stemming from low interest and, in many cases, undesirable mortality experience. DFS drafted the legislation as a result to concerns raised by consumer teams that some insurers haven’t been implementing these increases prior to DFS approved policy provisions as well as the relevant provisions regarding the brand brand 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 feedback which were submitted by the insurance coverage industry throughout the two comment durations for the proposed regulation published in November 2016.

A copy associated with regulation that is final 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 Suggestions Technology, ID Theft and Fraud Prevention Tools

Data Sharing with Equifax as well as 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 ny State chartered and licensed finance institutions to just take instant action and consider precautions to safeguard consumers in light associated with cybersecurity attack at Equifax that compromised the private information of an incredible number of People in the us. The info accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in a few full situations, motorists’ permit figures. The guidance granted today supports DFS’s first-in-the-nation cybersecurity regulation, which went into impact early in the day this current year, and needs banking institutions, insurance providers, along with other monetary solutions organizations managed by DFS to ascertain and continue maintaining a cybersecurity system made to protect customers and guarantee the security and soundness of brand new York State’s monetary solutions industry.

“The range and scale with this cyberattack is unprecedented and DFS is ready to just just simply take all actions required to protect brand brand brand New York’s customers and monetary areas,” Superintendent Vullo said. “Given the severity with this breach, the possibility injury to customers and our banking institutions, plus in light to the fact that a range finance institutions have actually arrangements with Equifax under which financial institutions offer customer account and debt information to Equifax and get comparable information from Equifax, DFS is issuing this guidance to make sure that this incident gets the greatest amount of attention and vigilance at brand brand New York’s regulated organizations.”

Initial reports indicate that hackers could have exploited an application that is website to achieve unauthorized usage of really sensitive and painful customer and commercial information, which highlights the fact finance institutions can not any longer simply count on actually recognizable information (PII) as a method of confirming a person’s identity. PII has been purchased and offered as a consequence of occasions similar to this incident that is latest, which increasingly necessitates consideration of Multi-Factor Authentication and Risk-Based Authentication methods, as motivated underneath the DFS’s cybersecurity regulation.

DFS is asking brand new York State chartered and licensed institutions that are financial consider the immediate following:

  • Make sure that all given information technology and information protection spots have already been set up;
  • Ensure that appropriate ID theft and fraudulence avoidance programs have been in destination and accompanied for client due diligence/Know Your Customer (“KYC”) purposes and before a merchant account is opened, or credit cards is granted, or any loan or other type of financing is authorized, whether for brand new candidates or current consumers, and, if appropriate, contemplate using an identification verification/fraud solution for identification verification;

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