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 16 tribes engaged in online lending, sent letters to Bank of America Corp.BAC +1.07%, Capital One Financial Corp.COF -0.11%, J.P. Morgan Chase JPM +0.55% & Co., Wells Fargo WFC -0.14% & Co. and numerous other financial institutions Wednesday, arguing the New York Department of Financial Services’ action infringes on their rights.
Read the full story here: http://blogs.wsj.com/moneybeat/2013/08/14/indian-tribes-to-banks-ignore-that-man-behind-the-curtain/?mod=wsj_streaming_latest-headlines
