DFS Issues Online Lending Report

Bulletin

DFS Recommends Equal Application of Consumer Protection Laws, Application of Usury Limits to All Lending in New York and Licensing and Supervision of Online Lender

Financial Services Superintendent Maria T. Vullo today announced the release of a report on online lenders. The report is the result of a bill signed by Governor Andrew M. Cuomo on June 1, 2017, requiring DFS to study online lending in New York State and submit a report of its findings. The bill requires that the report include, among other things, an analysis of online lenders operating in New York, including their methods of operations, lending practices, including interest rates and costs charged, the risks and benefits of the products offered by the online lenders, the primary differences with products offered by traditional lending institutions, and complaints and investigations relating to online lenders.

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Albany, NY
United States
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