MHA Nation: Outraged at Consumer Financial Protection Bureau for
Supporting NYS Litigation Against Tribal Lenders
In August, Benjamin Lawsky, the first superintendent of New York’s Department of Financial Services, launched New York’s attack on Tribal lending companies, sending cease-and-desist letters to 35 payday lenders operating on Native lands. Lawsky’s office additionally sent letters to more than 100 banks asking them to reconsider approving transactions from payday lenders. But tribal lenders are not subject to U.S. laws against high-interest loans, says John Shotton, chairman of the Otoe-Missouria Tribe and chairman of the Native American Financial Services Association (NAFSA).