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The continuing future of Tribal Lending Beneath The Customer Financial Protection Bureau

The continuing future of Tribal Lending Beneath The Customer Financial Protection Bureau

Some Indian tribes – especially impecunious tribes positioned remotely from populace facilities, without adequate visitors to engage profitably in casino gambling – are finding revenue that is much-needed customer lending on the internet.

The tribe forms a tribal lending entity (TLE) that is financed by a third party in a typical model. The TLE then makes loans on the internet to consumers nationwide, often on terms which can be illegal beneath the interior regulations associated with continuing states where in fact the borrowers live. The TLE benefits from the tribe’s sovereign immunity because the TLE is deemed an “arm” of the tribe. Because of this, the TLE can be sued only under not a lot of circumstances; and, possibly even more to the point, the TLE is exempt from many state-court discovery designed to uncover the economic relationship amongst the TLE and its particular non-tribal financier.

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