Federal officials challenge tribal-based payday lending
Indigenous American tribes have traditionally had legal rights of sovereign resistance — but they are those liberties being mistreated in case of payday advances and extreme interest levels?
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The Federal Trade Commission and U.S. Customer Financial Protection Bureau believe a number of the operations that are burgeoning owned or managed by non-Native People in the us, that are utilizing the indigenous United states tribes’ legal legal rights of “sovereign immunity” to shield them from customer security laws and regulations.
The loans, some holding roughly the same as annual rates of interest more than 750 per cent, are widely accessible online — to Native Americans residing on reservations along with other people residing any place in the usa. (más…)