Less than a week after a report alleged, and Wells Fargo admitted, to charging its auto loan customers for unnecessary and unwanted insurance, the bank has been subpoenaed by New York state banking and insurance regulators over the matter. [More]
New York Department of Financial Services
Wells Fargo Subpoenaed Over Alleged Insurance Scheme That Resulted In 25,000 Vehicle Repossessions
By 8.2.17
Regulators Sue Pension Advance Companies Over Deceptive Marketing Of Loans
By 8.20.15
Five months after the Consumer Financial Protection Bureau warned that pension advance loans could be the new payday loan – leaving consumers who are already struggling to make ends meet in dire financial situations – the agency announced it had teamed up with the state of New York to shut down two companies that allegedly deceived retirees about the risks and costs associated with the loan products. [More]
New York Regulator Finalizes First-Of-Its-Kind Plan To Govern Virtual Currency With “BitLicense”
By 6.3.15
Nearly a year after the New York Department of Financial Services took steps to regulate businesses that operate in virtual currency, the Department announced the finalization of the “BitLicense” plan, making it the first set of guidelines for the use of cybercurrency. [More]
N.Y.’s Proposal For Licensing Bitcoin Businesses Includes Plan For Consumer Protections
By 7.17.14
Maybe you still don’t know exactly what a Bitcoin is, but in case you ever want to use one, it’d be comforting to know you’ve got some protection when spending the cryptocurrency. New York has taken a step in the direction of keeping consumers’ safe with a proposed plan that sets up a regulatory framework for any business dealing with bitcoins. [More]
