The Latest Financial News
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...
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...
Our Digital Financial Literacy Program
Too many consumers mismanage their budgets, make poor investment decisions, and fail to properly plan for the future. NAFSA is committed to empowering people with the skills they need to change this trend and thrive financially. NAFSA’s Financial Literacy Program offers an assortment of digital modules covering a wide variety of financial topics, including building emergency savings, mortgage education, and retirement planning.
Tribal Online Lending Best Practices
NAFSA has developed Best Practices for the exclusive use of all NAFSA Members as it relates to their Tribal Online Lending businesses. We believe these Best Practices will help ensure consumer protection, quality service, and positive customer and industry interactions during the life of the loans made by tribal lending entities who are NAFSA members. Our Best Practices apply to all stages of the loan, including marketing, origination, servicing, collecting, and ongoing data privacy.
The Impact of Tribal Financial Services
Coming from a history of staggering unemployment rates, limited opportunities, and lack of access to fundamental resources, Native American tribes began online lending businesses to create real change for the future. Internet commerce has been a vehicle for supporting economic growth, tribal services, and tribal development. These are their stories.
There are more than 570 federally-recognized tribes in the United States, many of whom are spread across in diverse areas. This has left a need for other tribal economic development opportunities to create sustainability and jobs on Native American reservations.
Tribal Financial Services:
Create jobs & economic development on tribal lands
Increase the financial independence of tribes
Deploy sovereignty & bolster tribal self-determination
To advocate for tribal sovereignty, promote responsible financial services, and provide better economic opportunity in Indian Country for the benefit of tribal communities.