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Visa, MasterCard to help stop illegal payday-loan processing through debit card transactions

( April 30, 2014, 15:02 GMT | Official Statement) -- MLex Summary: Visa and MasterCard have agreed to help stop the processing of illegal payday loans over their debit card networks, New York Governor Andrew Cuomo said Wednesday. Benjamin Lawsky, New York's superintendent of financial services, also sent cease-and-desist letters to 20 firms identified as illegally promoting, making or collecting on payday loans. Statement follows in full. ...

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