Indigenous Peoples Finance & Banking

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CFPB Dispute with Tribe-Affiliated Lender Spills into Court

After denying a petition to set aside a civil investigative demand, the CFPB, filed a petition in the United States District Court for the Central District of California to enforce its civil investigative demand against...more

CFPB files petition in CA federal court to enforce CIDs issued to tribal payday lenders

The CFPB recently filed a petition in U.S. District Court for the Central District of California seeking to enforce the civil investigative demands (CIDs) it issued in June 2012 to three tribally-affiliated payday lenders. A...more

Financial Services Law

Court: FTC Can Regulate Payday Lenders Affiliated With Indian Tribes - In what is being hailed by the Federal Trade Commission as a victory for regulators, a federal court judge in Nevada has ruled that the FTC has the...more

Nevada Federal Court Holds Tribal Lender Subject to FTC Jurisdiction

Adopting a magistrate judge’s report and recommendations, the United States District for the District of Nevada held that the FTC has enforcement jurisdiction over tribal payday lenders. ...more

Nevada Federal Court Affirms FTC’s Authority Over Tribal Payday Lending Businesses

On March 19, the FTC reported that the U.S. District Court for the District of Nevada held that the FTC Act “grants the FTC authority to regulate arms of Indian tribes, their employees, and their contractors,” including...more

Tribal Affiliation Not a Bar to FTC Authority

In an enforcement action alleging violations of the Federal Trade Commission Act (FTC Act) and other federal laws by tribally affiliated entities that operated an Internet payday lending operation, a Nevada federal court...more

Interim IRS Guidance Confirms Per Capita Distributions from Tribal Trust Resources Are Nontaxable

Notice 2014-17 Is a Positive Development Because It Should Ultimately Result in Consistent IRS Treatment of Tribal Trust Resources, But Several Issues Remain Unresolved. The Notice provides that the IRS and Treasury...more

Interior’s Carcieri Opinion Means More Diligence for Trust Land Development Projects

The Office of the Solicitor of the Department of the Interior has issued a legal opinion (the “Opinion“) to the Secretary of the Interior interpreting the statutory phrase “under federal jurisdiction” in the Indian...more

Federal Court Agrees With Magistrate That Whether A Tribal Lender Is A For-Profit Corporation Is A Triable Issue Of Fact

On March 7, 2014, the United States District Court for the District of Nevada in Federal Trade Commission (the FTC) v. AMG Services, Inc., et al. granted a partial victory to Indian tribal payday lenders in their ongoing...more

Financial Services Law - Feb 14, 2014

Bit by Bit(coin), Virtual Currency Inches Toward Regulation - Has the time come to regulate virtual currency? At a recent hearing held by the New York Department of Financial Services, the answer appeared to be “yes.”...more

California Appellate Court Holds State Regulators Lack Authority To Regulate Tribe-Affiliated Lenders

On January 21, the California Court of Appeal, Second District, held that short-term, small-dollar credit businesses owned by certain federally recognized Indian tribes are sufficiently related to their respective tribes to...more

New York AG Settles Suit Against Internet Payday Lenders

On January 24, New York Attorney General (AG) Eric Schneiderman announced the resolution of a lawsuit filed in August 2013 against Native American tribe-affiliated payday lending firms and their owners for allegedly violating...more

Tribal Sovereign Immunity Blocks Payday Lending Enforcement Action, Calif. Appellate Court Rules

In a state enforcement action alleging violations of California’s lending law and seeking to enjoin continued lending to state residents, a California Court of Appeal has ruled that tribal sovereign immunity shielded the two...more

Tribal Sovereign Immunity Protects Payday Lenders From State Enforcement

Last year, the Commissioner of Business Oversight issued several alerts warning consumers that it has received complaints with respect to unlicensed firms offering payday (deferred deposit) loans in California. The common...more

FIO Focus, Issue No. 45: The Modernization Report: Federal Action May be Warranted

Devoted to exploring the progress of the modernization of the insurance industry, FIO Focus provides information and insights about the organizations and issues that are driving change and influencing the future of the...more

CFPB Tests the Limits of Tribal Lending Immunity With Cash Call Case

On December 16, 2013, the Consumer Financial Protection Bureau filed suit against Cash Call, Inc., WS Funding, LLC, Delbert Services Corporation and J. Paul Reddam (collectively “Cash Call”), alleging that the extremely high...more

CFPB Sues CashCall for Debt Collection on Online Payday Loans

The Consumer Financial Protection Bureau (CFPB) last week sued CashCall for collecting debts originated by an online payday lender affiliated with an Indian tribe. Notably, the suit alleges a violation of federal law based on...more

Top 10 Indian Tribal Tax Developments in 2013 and Priorities for 2014

In 2013, courts were active in issues relating to Indian tribes, including ruling on state tax matters and the federal income tax aspects of Section 17 corporations. The top 10 Indian tribal tax developments from 2013...more

CFPB bootstraps purported state law violations into attack on online payday lending companies

The CFPB has broken new ground in an attack in Massachusetts federal court against CashCall, several related companies and their principal. The companies funded, purchased, serviced and collected online payday loans made by a...more

CFPB Weighs In On New York Tribal Lending Case

On November 13, the CFPB filed an amicus brief in a Second Circuit case stemming from efforts of the New York Department of Financial Services (DFS) to crack down on lenders offering allegedly illegal payday loans. Certain...more

IRS Proposes New Rules on Indian Fishing Rights Income for Retirement Plans

On November 15, 2013, the Internal Revenue Service published a notice of proposed rule making (NPRM) along with proposed regulations regarding the treatment of certain income derived from Indian fishing rights-related...more

CFPB files amicus brief in NY tribal payday lending case; update on CIDs issued to tribal lenders

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...more

States and Consumers Battle Tribal Payday Lenders

The tribal payday lending business finds itself facing a flurry of class action lawsuits and state crackdowns painting the lenders as loan sharks preying upon vulnerable consumers with usurious rates and fees. The tribal...more

Federal District Court Denies Tribal Lenders’ Attempt To Block New York Internet Lending Investigation

On September 30, the U.S. District Court for the Southern District of New York denied a motion filed by two Native American tribes and related entities seeking to enjoin the New York Department of Financial Services (NY DFS)...more

CFPB Rejects Tribal Lenders’ CID Challenge

On September 26, the CFPB denied three tribal lenders’ joint petition to set aside civil investigative demands (CIDs) issued in June 2012. The CIDs were issued in connection with the Bureau’s investigation into several...more

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