WASHINGTON, DC (June 2, 2016) – Following the release of a notice of proposed rulemaking by the Consumer Financial Protection Bureau (CFPB) covering certain consumer lending products, Barry Brandon, Executive Director of the Native American Financial Services Association (NAFSA), made the following statement:
“We are disappointed that the CFPB has not only disregarded tribes’ constitutionally-affirmed sovereignty with their proposed rule, but also flagrantly violated their statuary obligation to co-regulate with Native American tribal regulators as explicitly mandated under the Dodd-Frank Act. The Bureau’s engagement in consultations with tribes as part of the rulemaking process was a disingenuous, check-the-box exercise, not a sincere effort to work with tribal regulators and elected leaders. It is clear that the CFPB believes it can ignore the rule of law, and views Native Americans as acceptable collateral damage in this ill-conceived and poorly executed rulemaking process. Today the CFPB and Director Cordray turned their backs on Native Americans everywhere. NAFSA and its member tribes that offer responsible lending products will continue to fight for the rights of consumers across the country and to ensure they have access to credit when they need it the most.”
The Native American Financial Services Association (NAFSA) formed in 2012 to advocate for Native American sovereign rights and enable tribes to offer responsible online lending products. Through the protection of consumer rights and sovereign immunity, NAFSA provides vital services to tribally operated lenders serving the under-banked with better short term financial services, furthering economic development opportunities in Indian Country.