Payday Loan Lending via Native American Tribes
The Native American Financial Services Association (NAFSA) formed in 2012 to advocate for Native American sovereign rights and enable tribes to offer responsible online lending products appeared today before the House Financial Services Committee to defend the rights of tribes to employ e-commerce to offer consumers payday loan products.
Their efforts are directed toward the CFPB proposed lending rules about to be published. These rules appear to be a heinous attack against consumers in need of financial services choices and payday loan lenders.
“Sherry Treppa, Chairperson of the Habematolel Pomo of Upper Lake offered impassioned testimony on the struggles her tribe has overcome through the centuries from staving off existential threats to ensuring economic self-sufficiency. Chairperson Treppa said the tribe’s decision to enter into ecommerce short-term lending empowered her Nation to finally rebuild and transform its economy, education programs and the social services it provides to its most vulnerable members.”
“In contrast to our experience working with other federal agencies as well as state and local governments, the CFPB has refused to engage in a meaningful dialogue about our shared interests and so far has shown little interest to work together, where necessary, as co-regulators,” said Chairperson Treppa. I remain concerned that the CFPB is developing its proposed action in a vacuum without consulting with tribes to learn about the innumerable tools that we have developed to ensure that we conduct business in a manner that is fair, responsible, compliant and benefits our tribal members and the American consumer.”
Native American Tribes to Congress: Respect Our Sovereignty
WASHINGTON, Feb. 11, 2016 /PRNewswire-USNewswire/ — Appearing today before a House Financial Services Committee hearing examining the treatment of Native Americans by the Consumer Financial Protection Bureau (CFPB), a key Native American leader urged Congress to once again stand shoulder-to-shoulder with Indian Country to help ensure the CFPB respects the historic government-to-government relationships of federal entities…Continue Reading..