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The ongoing future of Tribal Lending Beneath The Customer Financial Protection Bureau

Sovereign immunity is applicable not just to tribes by themselves but additionally to entities which can be deemed "arms" for the tribe, such as tribally chartered TLEs.

As the resistance of TLEs is considerably beyond cavil, the "action" in litigation on the tribal model has managed to move on through the tribes and their "arms" to non-tribal financiers, servicers, aiders, and abettors. Discovery for the information on the economic relationships between TLEs and their financiers is a vital goal of these state-court procedures by regulators, because the non-tribal "money partners" associated with TLEs almost certainly cannot assert immunity that is tribal. The major danger to such financiers is recharacterization since the "true" loan provider in another of these plans.

Pre-CFPB Federal Regulation of Payday Lending

Ahead of the enactment for the Dodd-Frank Act (the Act), federal enforcement of substantive customer financing guidelines against non-depository payday lenders had generally speaking been restricted to prosecution that is civil the Federal Trade Commission (FTC) of unfair and deceptive functions and techniques (UDAP) proscribed by federal legislation. Continue reading