A recent piece by Ed Mierzwinski of the U.S. Public Interest Research Group [“Regulators Play ‘Whack-a-Mole’ With Predatory Lenders,” August 13] vilifying the short-term, online lending industry as “predatory” grossly misrepresented...
An association of online lenders operated by Native American tribes called on banks to resist pressure from New York State to cut them off from the nation’s primary payment system. The Native American Financial Services Association said the state’s regulators are...
Indian tribes are urging banks to ignore attempts by New York’s top banking regulator to stop processing transactions for online lenders whose loans allegedly violate state interest-rate caps. The Native American Financial Services Association, a group that represents...
WASHINGTON (August 12, 2013) — Following a move by New York Attorney General Eric Schneiderman to file suit against Western Sky Loans – an online lender which does not operate under tribal law or abide by tribal regulatory bodies and is not wholly-owned by a...
Native American tribes are asking New York State’s top banking regulator to leave their payday loan businesses alone. Regulator Ben Lawsky sent cease-and-desist letters last week to 35 lenders and 112 banks providing or facilitating short-term, high-interest payday...
