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
Watch out for anybody who claims they could keep your house in the event that you signal or transfer the deed to your dwelling up to them in order to get caught up on your home loan repayments or refinance your loan. Never ever submit your mortgage repayments to anybody aside from your home loan business without its approval.
The Department is delivering property foreclosure prevention specialists to help home owners at web web sites throughout the state, especially where you can find high levels of property owners in or susceptible to property foreclosure. The Department’s property foreclosure avoidance effort premiered in February and contains checked out significantly more than a dozen internet sites into the state included in its outreach work.
pr release – 19, 2017: DFS Issues Final Regulation to Protect New Yorkers from Unjustified Life Insurance Premium Increases september
New Regulation needs Life Insurers to alert DFS at the 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 inform customers at the least 60 times just before A change that is adverse in 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 brand new legislation regulating life insurance coverage business methods associated with increases within the premiums or fees of specific term life insurance and annuity policies. The ultimate regulation provides DFS the capacity to review increases ahead of execution and make sure conformity with legislation, by needing life insurers to alert DFS at the least 120 times ahead of a detrimental improvement in non-guaranteed components 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 built in the previous 12 months. Nyc 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 specific enumerated facets, which do not add revenue, can be viewed as whenever trying to alter non-guaranteed elements.
«This legislation is made to protect New Yorkers from unjust and inequitable price increases in in-force policies — specially the many older persons that have dutifully compensated premiums for a long time, and whom can least manage increased expenses to keep up insurance plan,” said Superintendent Vullo. “With this new legislation, DFS will have a way to examine increases by life insurers and make sure any increases conform to legislation, and customers is supposed to be supplied advance notice of every undesirable modifications with their premiums.”
Particular life insurers dramatically increased the price of insurance on older term life insurance 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 groups that some insurers haven’t been applying these increases relative to DFS authorized policy provisions plus the relevant conditions associated with the 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 guideline used by DFS today takes under consideration remarks which were submitted because of the insurance 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.
news release – September 18, 2017: DFS Urges banking institutions to Take Immediate procedures to Safeguard fragile Consumer Data in Light of Equifax Cyberattack
Guidance Instructs Financial Institutions to examine I . T, ID Theft and Fraud Prevention Products
Data Sharing with Equifax as well as other Credit Reporting Agencies Should Receive 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 released guidance to urge ny State chartered and licensed finance institutions to just just simply take instant action and consider precautions to safeguard customers in light associated with cybersecurity assault at Equifax that compromised the non-public information of millions of People in america. The details accessed by code hackers includes names, Social Security Numbers, delivery times, details, and, in a few full cases, motorists’ permit figures. The guidance given today supports DFS’s first-in-the-nation cybersecurity regulation, which went into impact earlier in 2010, 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 made to protect customers and make certain the security and soundness of the latest York State’s monetary solutions industry.
“The range and scale of the cyberattack is unprecedented and DFS is ready to simply simply take all actions required to protect brand New York’s consumers and monetary areas,” Superintendent Vullo stated. “Given the severity of the breach, the prospective problems for customers and our finance institutions, plus in light to the fact that a quantity of finance institutions have actually arrangements with Equifax under which financial institutions provide 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 greatest amount of attention and vigilance at New York’s regulated organizations.”
Initial reports indicate that hackers could have exploited an application that is website to achieve unauthorized usage of really sensitive customer and commercial information, which highlights the truth that finance institutions can no further just count on actually recognizable information (PII) as a way of confirming a person’s identity. PII will be purchased and offered as a consequence of activities similar to this latest incident, which increasingly necessitates consideration of Multi-Factor Authentication and Risk-Based Authentication methods, 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 sure all given I . t and information safety spots have already been installed;
- Ensure that appropriate ID theft and fraud avoidance programs have been in spot and used for client due diligence/Know Your Customer (“KYC”) purposes and before a free account is opened, or a charge card is released, or any loan or any other as a type of funding is authorized, whether for new candidates or current consumers, and, if appropriate, consider utilizing an identification verification/fraud solution for identification verification;