In accordance with the DFS agreement with the student credit industry, New Yorkers holding private loans affected by COVID-19 should contact their student loan service provider to request relief, including: the agreement was reached by Financial Services Superintendent Linda A. Lacewell and the Governor of the Bank of France and the President of the CPA , Francois Villeroy de Galhau , signed. The agreement aims to expand into the markets of the other country and facilitates the introduction between fintech companies in the various legal systems. It also encourages participants to participate in fintech in both countries and help them keep up with innovation in financial services, while fintech companies wishing to expand their businesses offer compliant communication channels with regulators in the region. “This is the first fintech cooperation agreement signed by ACPR with an American authority,” said Bank of France Governor and AKPR President Villeroy de Galhau. “It highlights the links between the two authorities and their strong commitment to innovation. I am confident that this agreement will help link two major fintech ecosystems and promote innovative financial services in both countries, which should benefit consumers, businesses and the wider economy. U.S. and French regulators are building bridges to help fintech companies grow abroad. The New York State Department of Financial Services (DFS) and the French Prudential Control and Resolution Authority (ACPR) today concluded a cooperation agreement for innovation in financial services in their respective markets. Discussions on the comparison, including a payment of $340 million, are continuing. A formal agreement with the detailed terms of the transaction is expected shortly. The Federal Coronavirus Aid, Relief and Economic Security Act (CARES) provides facilities for millions of borrowers for students; However, it only covers loans held by the federal government, with up to 300,000 New Yorkers being covered either by commercial loans from the Federal Family Education Loan Program (FFELP) or by private student loans.
Die heute bekannte DfS-Vereinbarung bietet diesen ausstehenden Kreditnehmern die dringend ben-tigte Entlastung. The New York State Department of Financial Services (DFS) announced today that it has reached an agreement with most of the private student credit sector. Based on this agreement, which relieves up to 300,000 New Yorkers, borrowers who have experienced financial difficulties due to the coronavirus pandemic (COVID-19) can contact their student credit service provider to defer payments for student loans for 90 days and obtain other facilities, including no payment fees and negative data reported to credit agencies. “DFS is pleased to be working with our French regulatory partners through this signed agreement,” said Superintendent Lacewell. “This will encourage cooperation to support cross-border fintech developments, provide entrepreneurs with fast market opportunities in New York and France, while ensuring strong consumer protection.” It`s up to you! You can start paying a month from your delivery day or not paying for a year, then you can get an interest-free credit of 3 years. If you choose not to pay for one year, your first payment date is one year from the date you order. The exact date will be displayed on your credit contract” (Please note that your payments will start with the delivery of the first part if your order contains items with different delivery times). [Read more] The latest agreement follows several other cooperations launched by the CPA with international authorities such as Hong Kong, South Korea, China and Australia.