CFPB v. Great Plains Lending, et al – Case Summary and Implications
LITIGATION ALERT: CFPB v. Great Plains Lending, et al – Case Summary & Implications On January 20, 2017, the United States Court of Appeals for the Ninth Circuit issued its opinion in Consumer Financial Protection Bureau v. Great Plains Lending, LLC, et....
The Rise of Alternative Financial Services
Banks are the traditional institution for borrowing money in America. According to the Federal Reserve, bank loan portfolios grew nearly 7% in 2014 and totaled more than $8 trillion in assets. Historically low interest rates and economic recovery in some sectors are...
Mnuchin Confirmation Hearing Recap
“We will work diligently to limit regulations, lower taxes on hardworking Americans and small businesses, and get the engine of economic growth firing on all cylinders once again,” Mnuchin said. On January 19, 2017, the latest of Trump nominees faced his...
The Two Men with the Power to Shape Regulation of Tribal Lending
Senator Mike Crapo (R-ID) and Representative Jeb Hensarling (R-TX) couldn’t be more different in personality. Crapo is a soft-spoken, unassuming career politician from the mountain west. First elected in 1984, the Harvard law-educated Crapo has been an Idaho state...
Regarding the December 22 Supreme Court of California Ruling
Washington, DC – On December 22nd, the Supreme Court of California [ruled] that various affiliated online payday loan entities of the Miami Tribe of Oklahoma and Santee Sioux Nation of Nebraska are not entitled to tribal immunity for violations of the California...
The Latest on Fintechs and the Office of the Comptroller of the Currency
Washington, DC January 13, 2017 – The Office of the Comptroller of the Currency (“OCC”) signaled that it is advancing on its proposal to explore the issuance of limited-purpose bank charters to financial technology (“fintech”) firms engaged in banking. On...
Court Ruling Reinforces Viability of Tribal Lending
WASHINGTON, D.C. (November 7, 2016) On November 3, 2016, The U.S. District Court for the Western District of Oklahoma dismissed a lawsuit brought against an economic arm of the Otoe-Missouria Tribe of Oklahoma, in a significant ruling validating tribal sovereignty and...
Gary ‘Litefoot’ Davis Named Executive Director of Native American Financial Services Association
WASHINGTON, D.C. (September 28, 2016) Gary “Litefoot” Davis, an enrolled member of the Cherokee Nation of Oklahoma, has been named the new Executive Director of the Native American Financial Services Association (NAFSA). “The appointment of Gary Davis will be...
