Lawsky Should Leave Tribal Lending Alone.A U.S. District Court

Lawsky Should Leave Tribal Lending Alone.A U.S. District Court

A U.S. District Court recently ruled that ny can stop lenders that are payday making loans, even if those loans are originated from tribal workplaces outside nyc. This ruling expanded the state’s jurisdiction over lenders to tribal sovereign enterprises. It is not just inconsistent with Supreme Court precedent; it attacks the very idea of tribal sovereignty.

In August, brand New York’s Department of Financial Services Superintendent Benjamin Lawsky issued a cease‐​and‐​desist purchase to tribal lenders performing company with New York residents regarding the basis that their loans violated brand New York’s cap on interest levels. Read more…