The Department of Financial Services released an Online Lending Report, created in response to a bill that passed the Legislature in 2017. The bill required a report on the current activities of online lenders in New York, as well as the risks and benefits of products offered by online lenders. The 35 lenders who responded to a DFS survey on the subject showed staggering increases in business growth- up 79% since 2015. In the report, DFS recommends that online lenders be subject to the same scrutiny and regulations that traditional banks face, including usury limits and equal application of consumer protection laws.
For more information, please contact:
Michael P. Smith, President, NYBA, at (212) 297-1699
Roberta Kotkin, General Counsel & Chief Operating Officer, at (212) 297-1684
Clare M. Cusack, Senior Vice President, Government Relations/Deputy General Counsel, at (212) 297-1664