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Colorado lobbies Obama administration on tribal payday loans

Colorado Attorney General John Suthers is pressing the Obama administration to look into payday loan companies owned by tribal governments.

Suthers said he has given documents about tribal payday loan firms to the Consumer Financial Protection Bureau and the Federal Trade Commission. Both agencies are looking into the issue, Bloomberg News reported.

“If there is legitimately a tribal entity that can oust a state of effective jurisdiction to enforce laws against that entity, it does not oust the federal government," Richard Cordray, the director of the CFPB, told Bloomberg.

Suthers asked Cordray about the issue during the National Association of State Attorneys General conference in Washington, D.C., today.

Get the Story:
Consumer Bureau ‘Zoning In’’ on Tribal Payday Firms (Bloomberg News 3/6)

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