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

Watch out for anybody who states 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 anyone except that your home loan business without its approval.

The Department is giving property foreclosure prevention professionals to aid property owners at web web web sites over the state, especially where you will find high levels of property owners in or susceptible to property property foreclosure. The Department’s property property foreclosure avoidance effort premiered in February and contains checked out significantly more than a dozen websites 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 Requires Life Insurers to inform DFS at the very least 120 Days Before A change that is adverse in components of a preexisting Life Insurance Policy

Beginning March 19, 2018, Life Insurers Must Now alert customers at the least 60 times just before A change that is adverse in aspects 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 adopted a brand new legislation regulating term life insurance business techniques pertaining to increases into the premiums or costs of particular life insurance coverage and annuity policies. The last regulation provides DFS the capacity to review increases just before execution and make sure conformity with legislation, by needing life insurers to alert DFS at the very least 120 times just before a bad improvement in non-guaranteed aspects of an in-force life insurance policy. Annuity issuers must now register yearly with DFS to tell the Department of any unfavorable changes to annuity policies built 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 the exact same course of policyholders. Just specific enumerated facets, that do not consist of revenue, can be viewed whenever wanting to alter non-guaranteed elements.

«This legislation was designed to protect New Yorkers from unjust and inequitable price increases in in-force policies — specially the numerous elderly people that have dutifully compensated premiums for decades, and whom can minimum manage increased expenses to keep insurance plan,” said Superintendent Vullo. “With this new legislation, DFS will have a way to examine increases by life insurers and guarantee any increases adhere to legislation, and consumers will likely to be supplied advance notice of any unfavorable modifications for their premiums.”

Specific life insurers somewhat increased the expense of insurance coverage on older term life insurance policies because of reduced profitability stemming from low interest and, in some instances, negative mortality experience. DFS drafted the legislation in reaction to issues raised by customer teams that some insurers haven’t been implementing these increases prior to DFS authorized policy provisions together with appropriate conditions associated with 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 under consideration remarks which were submitted because of the insurance coverage industry through the two comment durations for the proposed regulation published in November 2016.

A duplicate associated with the last legislation can be located right right right here.

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

Guidance Instructs Financial Institutions to examine I . T, ID Theft and Fraud Prevention Tools

Data Sharing with Equifax as well as other Credit Reporting Agencies Should get higher level of Review and awareness of Determine Potential danger

Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has released guidance to urge nyc State chartered and licensed finance institutions to simply just simply take action that is immediate consider precautions to guard consumers in light associated with cybersecurity assault at Equifax that compromised the private information of an incredible number of Us americans. The information and knowledge accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in a few instances, drivers’ license figures. The guidance granted today supports DFS’s first-in-the-nation cybersecurity regulation, which went into impact earlier in the day in 2010, and needs banking institutions, insurance firms, along with other economic solutions organizations controlled by DFS to ascertain and keep maintaining a cybersecurity program made to protect customers and make sure the safety and soundness of brand new York State’s monetary solutions industry.

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“The scope and scale for this cyberattack is unprecedented and DFS is ready to just simply take all actions required to protect brand brand New York’s customers and markets that are financial” Superintendent Vullo stated. “Given the severity with this breach, the possible injury to consumers and our banking institutions, as well as in light to the fact that a quantity of finance institutions have arrangements with Equifax under which financial institutions provide customer account and financial obligation information to Equifax and get comparable information from Equifax, DFS is issuing this guidance to ensure this event gets the best standard 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 use of really delicate customer and commercial data, which highlights the fact banking institutions can not any longer simply count on personally recognizable information (PII) as a way of confirming a person’s identity. PII has been purchased and offered due to activities like this latest event, 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 institutions that are financial consider the annotated following:

  • Make certain that all given I . t and information safety spots have now been set up;
  • Ensure that appropriate ID theft and fraudulence avoidance programs have been in spot and adopted for consumer 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 kind of financing is authorized, whether for brand new candidates or current customers, and, if appropriate, consider utilizing an identification verification/fraud solution for identification verification;