The CFPB has filed an amicus brief in the U.S. Court of Appeals for the Second Circuit in The Otoe-Missouria Tribe of Indians et al. v. New York Department of Financial Services et al., a case stemming from New York’s concerted crackdown on the online payday lending industry. The brief, which supports the DFS, has not yet been posted on the CFPB’s website.… Continue Reading
A recent CFPB blog post warning Native Americans receiving payments from the settlement in Cobell v. Salazar that they could be targeted by scammers also highlights the CFPB’s collaboration with tribal governments.
In the post, the CFPB indicates that its “enforcement team will continue to be on the watch for scams and other harmful financial products that target Native Americans” and directs consumers and tribal leaders to “[r]eport problems with payday loans, settlement anticipation loans, auto loans, or anything bought with credit.”… Continue Reading
Chris Willis recent post referred to the fact that Director Cordray during the Q&A session after his speech to NAAG disparaged Internet payday loans being made by certain Indian tribes. Here is an unofficial audio transcription of the exchange between the Colorado Attorney General, Director Cordray and Julie Brill, a FTC Commissioner:
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John Suthers: In Colorado we have been fighting a seven-year court battle with frustrating results over online payday lending, where, companies, to avoid state regulation are affiliating, and I use that word loosely, with Indian tribes .