Despite a clear precedent in last year’s victory by tribal lenders against Colorado regulators, New York state authorities are mounting yet another attempt to erode tribal sovereign rights to operate businesses without state interference. New York’s banking czar,...
Two American Indian Tribes said they sued New York state’s financial regulatory agency and its head over his crackdown on businesses that do lending over the Internet, some of which are tribally-owned. A lawsuit seeking a court order against Benjamin Lawsky,...
WASHINGTON (August 21, 2013) — After recent actions by New York Department of Financial Services (DFS) Administrator Benjamin Lawsky to unlawfully intimidate Native American tribes and the legal and licensed businesses they run, a coalition of Tribes has filed a...
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...
Indian tribes are refusing to comply with a New York financial regulator’s attempt to shut down their online-lending operations, arguing the state has no authority and is trying to block legal businesses. Tribes that make loans over the Internet are planning to...
WASHINGTON (August 12, 2013) — Executive Director of Native American Financial Services Association (NAFSA) Decries Intimidation Tactics against Legal Businesses- Fighting back against last week’s attempt to shutter legal online lending enterprises...
