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, Benjamin Lawsky, issued a written order August 6 against internet lenders – including many tribal entities – demanding that they stop making loans to New York state residents, a threat to revenue streams that support tribal education, health care and other essential services.

Lawsky is the former Chief of Staff to Gov. Andrew Cuomo, who appointed Lawsky as executive director of the state’s new Department of Financial Services. His letter went out to 35 lenders and 112 banks that help process the loans.

Read the full story here:

Pin It on Pinterest