New york state is inquiring more than 100 financial institutions to help you choke out-of entry to the latest automatic costs program you to unlicensed on line loan providers used to debit the new checking account regarding customers.

This new Fairness Company and you may state government are concentrating on financial institutions you to provider an over-all selection of whatever they think questionable monetary possibilities, together with certain online pay day loan providers. I applaud the newest government’s operate to get rid of bad stars you to definitely engage in fake transactions or violate federal statutes. (more…)