Indigenous Peoples Finance & Banking

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FinCEN Assesses Significant Penalty Against Casino for Bank Secrecy Act Violations

The Financial Crimes Enforcement Network (FinCEN) assessed on July 15 a civil money penalty in the amount of $2.8 million against Hawaiian Gardens Casino Inc., d/b/a The Gardens Casino, for Bank Secrecy Act (BSA) regulatory...more

Online Fast Cash Lenders to Pay $9 Million to Settle Claims of Illegal Lending to North Carolina Consumers

On June 21, 2016, the North Carolina Attorney General announced that two online fast cash lenders have agreed to pay more than $9 million in refunds for allegedly illegal loans issued to North Carolina consumers. The...more

Advisory Committee on Tax Exempt and Government Entities (ACT) Presents its Report of Recommendations on June 8, 2016

On June 8, 2016, the 21 members of the ACT presented its 15th report of recommendations to the IRS in a public meeting in Washington, DC. The ACT report addressed five issues...more

Vermont federal district court rules CFPA does not provide private right of action for alleged usurious loans; denies motion to...

A Vermont federal district court recently issued a decision ruling on the defendants’ motion to dismiss a class action involving allegations that an online tribal lending venture violated federal and state law because of...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19493 - Standard Oil of Connecticut, Inc. v. Administrator, Unemployment Compensation Act - SC19493 Dissent - Standard Oil of Connecticut, Inc. v. Administrator,...more

[Webinar] Robins Kaplan Tribal Litigation Update: How Tribes may be able to recover damages from recent antitrust lawsuits - May...

On July 13, 2012, Robins Kaplan LLP reached a $7.25 billion settlement with Visa, MasterCard and major US banks for alleged anticompetitive practices and price fixing in setting credit card interchange fees. One of the lead...more

Spotlight on CFPB Enforcement

At this week’s NBPCA Power of Prepaid conference in Washington, DC, DWT Payments team member Adam Maarec joined a panel entitled “Spotlight on CFPB Enforcement: Uncovering Recent Trends, Targets and Priorities Surrounding...more

Fourth Circuit Rejects Motion to Compel Arbitration in FDCPA Putative Class Action

Hayes v. Delbert Servs. Corp., No. 15-1170, 2016 WL 386016 (4th Cir. Feb. 2, 2016) - In Hayes v. Delbert Servs., Corp.,the U.S. Court of Appeals for the Fourth Circuit held that an arbitration agreement between the...more

Three Key Takeaways from NAFOA's 34th Annual Conference

The Native American Finance Officers Association (NAFOA) held its 34th annual conference on April 17-20, 2016, at the Gila River Indian Community's Sheraton Wild Horse Pass Resort in Phoenix. NAFOA is a national non-profit...more

DOJ Takes On Tribal Lending: Inside The Indictments

In recent months, the attention of the tribal lending industry has focused on the Consumer Financial Protection Bureau’s emerging role in regulating short-term loans from sovereign tribal nations, but a new and even more...more

Out of Alignment: The Dysfunctional Definition of an Accredited Investor & The Often Overlooked “Entity” Issue

As many of you know there is a heated ongoing debate as to whether the current definition of “accredited investor” should be revised and, if so, how it should be revised. The overwhelming majority of recent articles, and even...more

Lawmakers Request That the CFPB Consult With State Officials Before Proceeding With Its Proposed Rulemaking on Short-Term Lending

In an April 8, 2016 letter to Richard Cordray, Director of the Consumer Financial Protection Bureau (“CFPB,” or “Bureau”), Representatives Randy Neugebauer (R-TX) and Mick Mulvaney (R-SC) requested that the Bureau convene a...more

Republican Congressmen seek CFPB forum on impact of payday lending rule on state and tribal sovereignty

Two Republican members of the House Financial Services Committee, Randy Neugebauer and Mick Mulvaney, have sent a letter to Director Cordray asking him to convene a forum or roundtable of state and tribal officials before the...more

Director Cordray reveals no change in CFPB’s approach to payday loans

In remarks earlier this week to the National Credit Union Association, Director Cordray discussed the proposals the CFPB is considering for small dollar loans. In March 2015, in anticipation of convening a SBREFA panel, the...more

Fourth Circuit Holds Arbitration Clause Unenforceable When It Forbids Arbitrator From Applying The Applicable Law

This case involves a class action filed in a Virginia district court against Delbert Services Corporation, the servicing agent of certain loans, for which the plaintiffs claimed that Delbert’s unfair debt collection practices...more

Owner of Payday Lenders, Attorney Hit with Federal Criminal Indictment

A man alleged to be the owner and operator of a group of payday-lending companies and an attorney alleged to have submitted false affidavits and structured sham arrangements have been indicted by a federal grand jury in New...more

CA federal court refuses to dismiss CFPB lawsuit against payday lending companies alleging UDAAP violations based on state law...

A federal district court has refused to dismiss the lawsuit filed by the CFPB in December 2013 against CashCall, several related companies and their principal, which asserted UDAAP violations based on the defendants’ efforts...more

Tribally Affiliated Payday Lenders Can Use Tribal Sovereign Immunity as Defense to State Administrative Proceedings, Class Actions

Two recent decisions provide support for the use of tribal sovereign immunity by tribally affiliated payday lenders as a defense to both state administrative proceedings and private class actions. In Everette v. Joshua...more

2015 ONRR Civil Penalties: Where, Why, and How Much

The Office of Natural Resources Revenue (“ONRR”), a unit within the United States Department of the Interior, is responsible for collecting and disbursing revenues from energy production on federal and Indian lands and...more

IRS Amends TED Bond Volume Cap Rules to Accommodate Draw-Down Loans

The Internal Revenue Service (IRS) issued Notice 2015-83 on Dec. 4, 2015, a change that will make it easier for Indian tribal governments to use tribal economic development (TED) volume cap for "draw-down" loan structures in...more

Indian Tribes Have Important November 19 CSC Filing Deadline - The DOI Settlement Funds are Available for Tribes with...

The U.S. District Court for the District of New Mexico has preliminarily approved a final settlement for the parties in Ramah Navajo Chapter et al. v. Jewell, a class action against the U.S. Department of the Interior (DOI)...more

CFPB Online Loan Suit Sent to California

In the most recent development in the CFPB’s two-year-old lawsuit alleging unfair, deceptive, and abusive practices by several online lenders, on September 23, 2015, Massachusetts U.S. District Judge George O’Toole, Jr.,...more

Third Time’s a Charm: Governor Bentley and Legislature Reach Budget/Tax Compromise

Summary - Governor Robert Bentley called a second special session of the Alabama Legislature on Tuesday, September 9 at 5 p.m. to address the FY 2016 General Fund budget and associated revenue measures. After meeting for...more

Business Court Enjoins Enforcement Of High Interest Rate Loans Made By American Indian-Related Business

Judge Gale's opinion last week in Western Sky in State v. Western Sky Financial, LLC, 2015 NCBC 84 has a little bit of everything in it: choice of law, the U.S. Constitution, claims for usury (excessive interest rates) and...more

CFPB files lawsuit against Internet payday loan companies

The CFPB has filed a complaint in federal district court in New York against a group of commonly-controlled companies for allegedly engaging in unlawful conduct in connection with making payday loans over the Internet. With...more

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