The state Department of Financial Services is studying the practices, economic impact and operations of online lending in New York, and will be issuing a public report with recommendations to the state Legislature by July 1, 2018.
New York credit union leaders are encouraged to submit comments to the DFS by emailing firstname.lastname@example.org. Comments are due May 24.
According to the DFS, the final report will include, among other topics:
information about online lenders operating in New York and their business practices, including lending practices, interest rates and costs charged, and consumer complaints and investigations about the industry. The report will also include an analysis of the primary differences between online lending products and services and those of traditional lending institutions doing business in New York, the risks and benefits of the products offered, other forms of credit that would be available to such borrowers in the absence of online lending opportunities, the types and availability of credit products for individuals and businesses, and access to capital by consumers in New York State.