DFS ANNOUNCES PAYMENT WITH PAYDAY DEBT COLLECTOR AND PAYDAY LOAN SERVICER CAUSING ALMOST $12 MILLION OF LOAN FORGIVENESS FOR A LARGE NUMBER OF NEW YORK CONSUMERS

Watch out for anybody who states they could save your valuable house in the event that you signal or move the deed to your residence up to them in order to get up on the mortgage repayments or refinance your loan. Never ever submit your home loan repayments to anyone except that your home loan business without its approval.

The Department is giving property foreclosure prevention professionals to aid property owners at web internet sites over the state, especially where you will find high levels of property owners in or prone to property 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 within the state as an element of its outreach work.

pr 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 very least 120 Days Before a undesirable improvement in non-guaranteed aspects of an Existing Life Insurance Policy

Beginning March 19, 2018, Life Insurers Must Now Notify Consumers at the least 60 days 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 regulation that is new life insurance coverage business methods pertaining to increases within the premiums or fees of particular life insurance coverage and annuity policies. The last regulation provides DFS the capacity to review increases ahead of execution and ensure conformity with legislation, by needing life insurers to alert DFS at the least 120 times just before a detrimental improvement in non-guaranteed aspects of an in-force life insurance coverage. Annuity issuers must now register annually with DFS to share with the Department of any negative changes to annuity policies manufactured in the previous 12 months. Nyc Insurance Law prohibits life insurers from changing non-guaranteed elements in a discriminatory means for people in exactly the same course of policyholders. Just specific enumerated factors, that do not consist of revenue, can be viewed whenever wanting to alter elements that are non-guaranteed.

“This legislation was created to protect New Yorkers from unfair and inequitable price increases in in-force policies — specially the numerous elderly people who’ve dutifully compensated premiums for many years, and whom can minimum manage increased expenses to keep insurance policy,” said Superintendent Vullo. “With this brand new legislation, DFS can realize your desire to examine increases by life insurers and make sure any increases conform to legislation, and customers will likely to be supplied advance notice of every unfavorable modifications for their premiums.”

Particular life insurers dramatically increased the price of insurance on older life insurance coverage policies because of reduced profitability stemming from low interest and, in some instances, unfavorable mortality experience. DFS drafted the legislation in reaction to issues raised by customer teams that some insurers haven’t been applying these increases according to DFS authorized policy provisions in addition to appropriate conditions regarding the brand New York Insurance Law.

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

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

A copy associated with the regulation that is final be located right right here.

pr release – 18, 2017: DFS Urges Financial Institutions to Take Immediate Steps to Protect Sensitive Consumer Data https://onlinecashland.com/payday-loans-la/ 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 higher level of Review and focus on Determine Potential danger

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has granted guidance to urge nyc State chartered and licensed finance institutions to just take instant action and consider precautions to safeguard customers in light for the cybersecurity assault at Equifax that compromised the private information of an incredible number of Us citizens. The details accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in certain full instances, motorists’ permit figures. The guidance granted 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 firms, along with other economic solutions organizations managed by DFS to ascertain and keep maintaining a cybersecurity system built to protect customers and guarantee the security and soundness of the latest York State’s monetary solutions industry.

“The range and scale with this cyberattack is unprecedented and DFS is willing to simply simply simply take all actions required to protect brand New York’s customers and markets that are financial” Superintendent Vullo stated. “Given the severity with this breach, the possibility problems for consumers and our banking institutions, as well as in light of the fact that a quantity of banking institutions have actually 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 make sure that this event gets the best degree of attention and vigilance at brand New York’s regulated organizations.”

Initial reports suggest that hackers could have exploited a internet site application vulnerability to achieve unauthorized usage of really painful and sensitive customer and commercial information, which highlights the fact finance institutions can not any longer simply depend on actually recognizable information (PII) as a method of confirming a person’s identity. PII will be purchased and offered due to activities like this latest event, 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 institutions that are financial consider the annotated following:

  • Make certain that all given I . t and information safety spots have already been set up;
  • Ensure that appropriate ID theft and fraudulence avoidance programs come in destination and implemented for client due diligence/Know Your Customer (“KYC”) purposes and before a merchant account is opened, or a charge card is granted, 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;