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

Watch out for anybody who claims 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 mortgage repayments to anybody aside from your home loan business without its approval.

The Department is giving property foreclosure prevention professionals to help property owners at web web internet sites throughout the state, especially where you can find high concentrations of property owners in or prone to property foreclosure. The Department’s property foreclosure avoidance initiative was released in February and has now visited significantly more than a dozen web sites within the state as an element of its outreach work.

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

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

Beginning March 19, 2018, Life Insurers Must Now inform Consumers 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 regulation that is new life insurance coverage business techniques associated with increases when you look at the premiums or fees of particular term life insurance and annuity policies. The last regulation provides DFS the capacity to review increases ahead of execution and make certain conformity 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 an in-force life insurance coverage. Annuity issuers must now register yearly with DFS to share with the Department of any undesirable changes to annuity policies built in the previous 12 months. Nyc Insurance Law forbids life insurers from changing non-guaranteed elements in a discriminatory means for users of the exact same course of policyholders. Just specific enumerated facets, that do not add revenue, can be viewed as whenever 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 — particularly the numerous elderly people who possess dutifully compensated premiums for decades, and who can minimum manage look at this site increased costs 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 make sure any increases conform to legislation, and customers will undoubtedly be supplied advance notice of any undesirable modifications for their premiums.”

Specific life insurers dramatically increased the expense of insurance on older term life insurance policies because of decreased profitability stemming from low interest and, in some instances, undesirable mortality experience. DFS drafted the legislation in response to issues raised by customer teams that some insurers haven’t been implementing these increases relative to DFS authorized policy provisions therefore the appropriate conditions associated with the 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 under consideration feedback which were submitted by the insurance coverage industry through the two remark periods for the proposed legislation posted in November 2016.

A duplicate regarding the final legislation can be located here.

news release – September 18, 2017: DFS Urges finance institutions to Take Immediate procedures to Safeguard fragile customer Data in Light of Equifax Cyberattack

Guidance Instructs Financial Institutions to examine Ideas Technology, ID Theft and Fraud Prevention Programs

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

Financial solutions Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has given guidance to urge nyc State chartered and licensed finance institutions to just just take instant action and consider precautions to safeguard customers in light of this cybersecurity assault at Equifax that compromised the non-public information of millions of People in the us. The information and knowledge accessed by code hackers includes names, Social Security Numbers, delivery dates, details, and, in certain instances, motorists’ permit figures. The guidance given today supports DFS’s first-in-the-nation cybersecurity legislation, which went into impact early in the day this current year, and needs banking institutions, insurance providers, as well as other services that are financial controlled 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 for this cyberattack is unprecedented and DFS is ready to simply just take all actions essential to protect brand New York’s customers and markets that are financial” Superintendent Vullo stated. “Given the seriousness of the breach, the possible injury to consumers and our finance 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 similar information from Equifax, DFS is issuing this guidance to ensure this event gets the greatest standard of attention and vigilance at brand New York’s regulated organizations.”

Initial reports suggest that hackers might have exploited a site application vulnerability to achieve unauthorized usage of really sensitive and painful customer and commercial information, which highlights the truth that banking institutions can no further simply count on actually recognizable information (PII) as a way of confirming a person’s identity. PII will be purchased 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 beneath 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 information technology and information protection spots were set up;
  • Ensure that appropriate ID theft and fraudulence avoidance programs have been in spot 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 kind of funding is authorized, whether for new candidates or existing customers, and, if appropriate, contemplate using an identification verification/fraud service for identification verification;
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