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

Watch out for anybody who claims they could save your valuable 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 delivering property foreclosure prevention experts to aid home owners at web sites over the state, especially where you can find high levels of home owners in or vulnerable to property foreclosure. The Department’s property property property foreclosure prevention effort premiered in February and it has visited a lot 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 safeguard New Yorkers from Unjustified lifestyle Insurance Premium Increases

New Regulation needs Life Insurers to inform DFS at the very 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 ahead of A change that is adverse in aspects 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 regulation regulating life insurance coverage business techniques linked to 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 implementation and guarantee conformity with legislation, by needing life insurers to inform 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 built in the previous 12 months. Nyc Insurance Law forbids life insurers from changing non-guaranteed elements in a discriminatory method for people in the exact same course of policyholders. Just specific enumerated facets, that do not consist of profit, can be viewed whenever trying to alter non-guaranteed elements.

«This legislation is made to protect New Yorkers from unfair and cost that is inequitable in in-force policies — specially the numerous elderly people who possess dutifully compensated premiums for many years, and whom can minimum manage increased expenses to steadfastly keep up insurance plan,” said Superintendent Vullo. “With this brand new legislation, practical link DFS can realize your desire to examine increases by life insurers and make sure any increases adhere to legislation, and customers is supposed to be provided advance notice of every unfavorable modifications with their premiums.”

Specific life insurers notably increased the price of insurance on older life insurance coverage policies as a result of reduced profitability stemming from low interest and, in some instances, undesirable mortality experience. DFS drafted the regulation in reaction to issues raised by customer teams that some insurers haven’t been applying these increases prior to DFS authorized policy provisions in addition to appropriate conditions regarding the brand 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 under consideration reviews which were submitted because of the insurance coverage industry throughout the two remark durations for the proposed legislation posted in November 2016.

A duplicate for the regulation that is final be located right right here.

pr 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 Suggestions Technology, ID Theft and Fraud Prevention Products

Data Sharing with Equifax along with other Credit Reporting Agencies Should get higher 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 banking institutions to just just take action that is immediate consider precautions to safeguard customers in light for the cybersecurity assault at Equifax that compromised the private information of millions of Us citizens. The info accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in a few instances, drivers’ permit figures. The guidance given today supports DFS’s first-in-the-nation cybersecurity legislation, which went into impact earlier in the day in 2010, and needs banking institutions, insurance vendors, as well as other economic solutions organizations managed by DFS to ascertain and keep a cybersecurity system made to protect customers and make certain the security and soundness of the latest York State’s economic solutions industry.

“The range and scale of the cyberattack is unprecedented and DFS is willing to simply simply take all actions essential to protect New York’s customers and financial areas,” Superintendent Vullo stated. “Given the severity of the breach, the possibility harm to consumers and our finance institutions, plus in light to the fact that a quantity of banking 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 ensure this event gets the greatest amount of attention and vigilance at brand brand New York’s regulated organizations.”

Initial reports suggest that hackers might have exploited an application that is website to get unauthorized usage of really delicate customer and commercial information, which highlights the reality that finance institutions can no further simply count on actually recognizable information (PII) as a method 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 practices, as encouraged underneath the DFS’s cybersecurity legislation.

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

• Make sure that all information technology and information protection spots have now been installed;
• Ensure that appropriate ID theft and fraudulence avoidance programs come in destination and observed for consumer due diligence/Know Your Customer (“KYC”) purposes and before an account is opened, or credit cards is given, or any loan or other kind of funding is authorized, whether for new candidates or current consumers, and, if appropriate, consider utilizing an identification verification/fraud solution for identification verification;

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