Native American tribes have suffered a history of staggering unemployment rates, limited opportunities, and a lack of access to fundamental resources. Tribes began financial services businesses to combat this history and create real change for the future. E-commerce has been a vehicle for supporting economic growth, tribal services, and tribal development.
The Latest Financial News
In July 2016 Google announced a policy change around payday loans and banned ads for financial solutions and various kinds of online loans. While this total ban may weed out some predatory payday loans or those with extremely high APRs, NAFSA believes that this ban...
In less than a decade, tribal online lending has become a multi-billion dollar business. Its success rivals the first few years of Indian gaming following the 1988 passage of the Indian Gaming Regulatory Act, when tribal gaming revenues rose from a few hundred million...
Thomas Paul to be named new acting director of the Federal Trade Commission’s Bureau of Consumer Protection
On February 8, acting FTC Chairman Maureen Ohlhausen named Tom Pahl as Acting Director, of the Federal Trade Commission's Bureau Of Consumer Protection, replacing Jessica Rich who served in that capacity since 2013. Pahl was a partner at DC law firm Arnold Golden...
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.