New York Announces Four Institutions Agree to Use DFS Database To Prevent Online Payday Lending

Payday Lending NYDFS

On November 13, Governor Cuomo announced that four additional financial institutions have agreed to use a database created by the State’s Department of Financial Services to “help identify and stop illegal, online payday lending in New York.” The database includes a list of companies that the DFS has identified and taken action against for making illegal internet payday loans to people in New York. The total number of institutions using the database now stands at five.