The main state bank of
New York has said that it had joined with the biggest card payment companies
that are MasterCard Inc and Visa
Inc in order to impose restrictions on the illegal payday lending from
debit card transactions. The financial service department has also stated that it
will soon provide the card companies with the required information on the
payday lenders who are mostly using debit networks in order to recover their
illegal loans. The department further stated that after providing the
information to both of the companies, they will then block the transactions of
those lenders.
The Governor of New York
Mr. Andrew Cuomo has appreciated both the companies by saying that they (Visa
and MasterCard), after joining hands with the state government to root out the
illegal conduct, have shown that private companies along with their government want
to protect the citizens from such criminals. State’s superintendent of
financial services, Mr. Benjamin Lawsky has said that he had sent letters of
cease and desists to almost 20 payday lenders.
These payday loans are
actually a borrowing of short term which mostly the employees take prior to
their paychecks and are paid after getting their salaries. However, taking
assistance from such big companies is a good step from side of government and
Visa Inc is also appreciated on moving forward to help the government. Visa
is the world’s largest electronic fund transfer service provider with a high
rated stock price in New York stock market, according to the stock
news. It is denoted by V as its stock symbol.
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