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Tribes reach partial settlement with FTC over online lenders

Filed Under: Business | Law | National
More on: ftc, internet, miami, modoc, oklahoma, payday loans

The Miami Nation and the Modoc Tribe reached a partial settlement with the Federal Trade Commission over their online lending businesses.

The tribes agreed to stop threatening borrowers with lawsuits and arrests, The Oklahoman reported. They also will stop asking customers to agree to automatic withdrawals from their bank accounts.

The FTC sued the tribes in federal court in Nevada. As part of the case, a federal magistrate determined that the FTC Act does applied to tribal businesses even though the law does not mention tribes.

Get the Story:
Oklahoma tribes' payday lenders agree to partial settlement with FTC (The Oklahoman 10/29)

Related Stories:
FTC claims victory over payday lenders chartered by tribes (7/23)

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