Tribal lenders provide necessary revenue to Native Americans across the country. Actions taken by New York banking officials are threatening to cut off that revenue stream, putting health care clinics, child care, and schools at risk.
Benjamin Lawsky, the banking czar for the state of New York, recently demanded that that internet lenders cease making personal loans to residents of the state. His statement characterized the lenders as offering “illegal payday loans” despite the fact that many of said lenders are tribal entities which are licensed financial institutions that comply with all federal laws.
At the root of the problem is … Read the rest