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 CONSUMERS that are YORK

Avoid anyone who states 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 mortgage repayments to anybody except that your home loan business without its approval.

The Department is giving property foreclosure prevention experts to aid property owners at internet web web sites over the state, especially where you will find high levels of home owners in or prone to property property foreclosure. The Department’s property payday loans New York foreclosure avoidance effort premiered in February and it has checked out significantly more than a dozen internet sites within the state as an element of its outreach effort.

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

Brand brand New Regulation needs Life Insurers to alert DFS at the least 120 Days Before a negative change in non-guaranteed components of a preexisting Life Insurance Policy

Starting March 19, 2018, Life Insurers Must Now inform 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 legislation regulating life insurance policies business techniques pertaining to increases within the premiums or costs of specific life insurance policies and annuity policies. The last regulation provides DFS the capacity to review increases ahead of execution and make sure conformity with legislation, by needing life insurers to inform DFS at the 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 every negative changes to annuity policies manufactured in the year that is prior. Ny Insurance Law forbids life insurers from changing non-guaranteed elements in a way that is discriminatory people of exactly the same course of policyholders. Just particular enumerated facets, that do not consist of revenue, can be viewed as whenever wanting to alter non-guaranteed elements.

“This legislation is built to protect New Yorkers from unjust and cost that is inequitable in in-force policies — specially the many elderly people who possess dutifully compensated premiums for decades, and whom can minimum manage increased expenses to steadfastly keep up insurance plan,” said Superintendent Vullo. “With this brand new regulation, DFS will have a way to examine increases by life insurers and make sure any increases conform to legislation, and customers are going to be supplied advance notice of any unfavorable modifications for their premiums.”

Specific life insurers notably increased the price of insurance coverage on older term life insurance policies as a result of reduced 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 applying these increases prior to DFS authorized policy provisions plus the relevant conditions 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 new rule adopted by DFS today takes into account responses that have been submitted by the insurance coverage industry through the two remark durations for the proposed legislation posted in November 2016.

A copy regarding the last legislation can be found right right 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 Suggestions Technology, ID Theft and Fraud Prevention Products

Data Sharing with Equifax along with 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 issued guidance to urge ny State chartered and licensed banking institutions to simply simply take instant action and consider precautions to guard consumers in light associated with the cybersecurity assault at Equifax that compromised the non-public information of an incredible number of Us americans. The data 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 earlier in the day in 2010, and needs banking institutions, insurance providers, along with other economic solutions institutions controlled by DFS to ascertain and keep a cybersecurity system built to protect customers and make certain the security and soundness of brand new York State’s economic solutions industry.

“The scope and scale for this cyberattack is unprecedented and DFS is ready to simply take all actions required to protect brand New York’s customers and monetary areas,” Superintendent Vullo stated. “Given the severity for this breach, the prospective problems for customers and our banking institutions, as well as in light to the fact that a wide range of finance institutions have actually arrangements with Equifax under which financial institutions offer customer account and debt information to Equifax and receive comparable information from Equifax, DFS is issuing this guidance to make sure that this event gets the best standard 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 use of extremely delicate customer and commercial information, which highlights the truth that finance institutions can no further simply depend on actually recognizable information (PII) as a way of confirming a person’s identity. PII will be purchased and offered due to occasions like this incident that is latest, which increasingly necessitates consideration of Multi-Factor Authentication and Risk-Based Authentication methods, as motivated beneath the DFS’s cybersecurity legislation.

DFS is asking brand new York State chartered and licensed finance institutions to consider the following: