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Tribal Loans

PilieroMazza PLLC

Weekly Update for Government Contractors and Commercial Businesses – July 2024 #2

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Small Business Administration (SBA) Notification: 7(a) Working Capital Pilot Program - On July 15, SBA published a notification of the pilot program and requested comments to provide SBA 7(a) guaranteed lines of credit up...more

Bennett Jones LLP

Government of Canada Unveils Details Regarding New Federal Indigenous Loan Guarantee Program

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On April 16, 2024, the Canadian Government released the 2024 federal budget, including details on the much-anticipated federal Indigenous Loan Guarantee Program (ILG Program). First announced in the government's 2023 Fall...more

Troutman Pepper

Consumer Financial Services 2023 Year in Review and A Look Ahead

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We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more

Jones Day

U.S. Supreme Court Bankruptcy Roundup - July 2023

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Since May 2023, the U.S. Supreme Court has issued three decisions addressing or potentially impacting issues of bankruptcy law. These included rulings concerning the abrogation of sovereign immunity for Native American tribes...more

Quarles & Brady LLP

SCOTUS Holds Bankruptcy Code Waives Tribal Sovereign Immunity: Implications for Tribes as Creditors: Lac du Flambeau Band of Lake...

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The courts have long been split on the question of whether Native American tribes are immune from legal attacks under federal bankruptcy law. Some courts have held that tribes and tribal-owned entities could not be sued for...more

Faegre Drinker Biddle & Reath LLP

Bankruptcy Implications of Lac du Flambeau Band of Lake Superior Chippewa Indians v. Coughlin

On June 15, 2023, the U.S. Supreme Court decided Lac du Flambeau Band of Lake Superior Chippewa Indians, et al. v. Coughlin. The case involved a tribal entity, “Lendgreen,” that lent an individual, Brian Coughlin, “$1,100 in...more

Miller Nash LLP

The Supreme Court Abrogates Tribal Immunity in Bankruptcy Proceedings

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On June 15, 2023, Justice Jackson led the majority in an 8-1 decision holding that the Bankruptcy Code abrogates federally recognized tribes’ sovereign immunity. The decision has significant implications for tribal creditors...more

Troutman Pepper

Supreme Court Holds Bankruptcy Code Abrogates Tribal Immunity

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In January, the U.S. Supreme Court agreed to hear Lac du Flambeau Band of Lake Superior Chippewa Indians v. Coughlin after the First Circuit barred the Lac du Flambeau Band from seeking to collect on a $1,600 debt obligation...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Lac du Flambeau Band of Lake Superior Chippewa Indians et al. v. Coughlin

On June 15, 2023, the U.S. Supreme Court decided Lac du Flambeau Band of Lake Superior Chippewa Indians et al. v. Coughlin, No. 22-227, holding that the Bankruptcy Code unambiguously abrogates the sovereign immunity of all...more

Sheppard Mullin Richter & Hampton LLP

Supreme Court Finds Bankruptcy Code Abrogates Tribal Sovereign Immunity

The U.S. Supreme Court ruled on Thursday that because Indian tribes are indisputably governments, the Bankruptcy Code unmistakably abrogates their sovereign immunity to bankruptcy court proceedings....more

Dorsey & Whitney LLP

The Supreme Court Update - June 15, 2023

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The Supreme Court of the United States issued 3 decisions today: Lac du Flambeau Band of Lake Superior Chippewa Indians v. Coughlin,No. 22-227: This statutory interpretation and federal Indian law case addressed the...more

Orrick, Herrington & Sutcliffe LLP

4th Circuit affirms certification of class action in tribal lending case

On January 24, the U.S. Court of Appeals for the Fourth Circuit concluded that a district court did not abuse its discretion when certifying a class action. The lawsuit alleges an individual who orchestrated an online payday...more

Schwabe, Williamson & Wyatt PC

SBA Decision Not to Impose a Community Benefit Plan Requirement

On October 5, 2022, during the Tribal Consultation session in Washington, D.C., the Small Business Administration stated that it will not pursue its attempt to impose a Community Benefit Plan requirement on Alaska Native...more

Brownstein Hyatt Farber Schreck

Treasury Department Announces $500 Million for Tribal Nations under LATCF

Last week, the U.S. Department of the Treasury announced the availability of $500 million in funding through the Local Assistance and Tribal Consistency Fund (LATCF) for eligible tribal governments. The LATCF, which was...more

PilieroMazza PLLC

SBA Awards $1.1 Million to Support Native American-Owned Small Businesses

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Isabella Casillas Guzman of the U.S. Small Business Administration (SBA) announced on December 15, 2021, that SBA’s Office of Native American Affairs awarded $1.1 million in grants and contracts to seven entities which will...more

Sheppard Mullin Richter & Hampton LLP

NIGC Issues New Guidance on Financing Document Reviews and Declination Letters

The National Indian Gaming Commission (“NIGC”) issued guidance this week for tribes and tribal lenders who submit loan documents to the NIGC for a so-called “declination letter.” Bulletin No. 2021-4, “Submission of Loan...more

Proskauer - Minding Your Business

Ninth Circuit Splits From the Second, Third and Fourth Circuits in “Brain Twister” Arbitration Case

Arbitration provisions are common features of commercial agreements.  Arbitration is often touted as a cost-effective alternative to litigation that provides contract parties the freedom to decide everything from what law the...more

Morrison & Foerster LLP - Left Coast Appeals

This Week at The Ninth: PowerPoints and Payday Loans

This week, the Court revives an ERISA claim and compels arbitration of a dispute over tribal internet payday loans. WARMENHOVEN v. NETAPP, INC. The Court holds that PowerPoint presentations did not constitute plan...more

Brownstein Hyatt Farber Schreck

Treasury Announces Second Phase of Pandemic Relief for Tribal Governments

On Wednesday, June 30, the Department of the Treasury announced it will open up the second phase of distributions to tribal governments from the $20 billion tribal portion of the State and Local Fiscal Recovery Fund. This...more

Troutman Pepper

Adopting Breakthrough Factors, Connecticut Supreme Court Hands Victory to Tribal Lending Entity Great Plains Lending

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In late May, the Connecticut Supreme Court held that the tribal lending entity Great Plains Lending (Great Plains) is protected by tribal sovereign immunity as an “arm of the tribe,” adopting a test first established by the...more

Goodwin

FTC Announces $114 Million Settlement with Payday Lenders

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On February 11, 2021, the Federal Trade Commission (FTC) announced a $114 million settlement with the owners and operators of an alleged tribal payday lending scheme.  The settlement resolves allegations concerning...more

Carlton Fields

Third Circuit Upholds Pennsylvania Federal Court’s Finding That an Arbitration Agreement Is Unenforceable Where It Limits...

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In Williams v. Medley Opportunity Fund II, LP, plaintiffs Christine Williams and Michael Stermel obtained payday loans from American Web Loan, Inc. (AWL), an online entity owned by the Otoe-Missouria Tribe of Indians. The...more

Carlton Fields

Third Circuit Concludes Arbitration Agreement Is Unenforceable Under the Prospective Waiver Doctrine

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The Third Circuit Court of Appeals has refused to enforce an arbitration agreement because it impermissibly limited claims to those available under tribal law at the expense of federal statutory claims. The court also...more

Sheppard Mullin Richter & Hampton LLP

Federal Reserve Clarifies that Distributions to Tribal Governments are Permitted Under the Main Street Lending Program

On July 15, 2020, the Federal Reserve Bank of Boston issued new guidance expressly permitting tribal businesses that are borrowers under the Main Street Lending Program (“MSLP”) to pay dividends to their tribal government...more

Goodwin

FTC Obtains Temporary Restraining Order Against Tribal Payday Lending Enterprise

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On May 22, 2020, the Federal Trade Commission (FTC) announced that it had obtained a temporary restraining order against a payday lending enterprise for alleged violations of the Federal Trade Commission Act, the...more

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