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Released: April 30, 2013
Tribes’ payday loans under scrutiny
Source: David Lazarus, L.A.Times (Free Registration)
A growing number of Indian tribes are getting into the payday loan business, saying they just want to raise revenue for their reservations while helping cash-strapped consumers nationwide. But federal officials suspect that, at least in some cases, tribes are being paid to offer their sovereign immunity to non-Indian payday lenders that are trying to dodge state regulations.
So far, the tribes have prevailed over California and other states that have tried to assert authority over tribal lending operations. But they may now face a crackdown by the federal Consumer Financial Protection Bureau.
Read Full Article: Tribes’ payday loans under scrutiny
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