Maria Vullo of the New York state Department of Financial Services. Photo: Rick Kopstein
The proposal is the result of a survey the DFS sent to 48 online lenders in New York state. Thirty-five of those lenders responded to the survey.
July 11, 2018 at 05:24 PM
1 minute read
Online lenders should be licensed and supervised by the state to “prevent risk” to the state’s financial markets, the New York State Department of Financial Services said Wednesday.
The recommendation was part of a report released by the agency on the online lending industry. Legislation mandating the report was signed by Gov. Andrew Cuomo in June.
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