Report: Consumer agency isn't singling out tribal payday loans

Tuesday, June 5, 2012  

The Consumer Financial Protection Bureau isn't singling out tribal payday lenders for scrutiny, the agency's director told Bloomberg News.

In March, CFFB Director Richard Cordray spoke at the National Association of State Attorneys General conference in Washington, D.C. His comments indicated that the agency was targeting tribes and their sovereign immunity.

But in a meeting with the National Congress of American Indians, Cordray said he was concerned about the entire payday lending industry. He followed up with an interview with Bloomberg News.

“Internet lending is a broader area where I know states are frustrated because I know when I was a state attorney general, I was frustrated with it,” Cordray told Bloomberg. “And that’s an area where we intend to be helpful to them.”

During the state attorneys general conference, Cordray was asked about tribes by Colorado Attorney General John Suthers, who lost a sovereign immunity case involving tribal lenders,.

Get the Story:
Payday Lenders and Indian Tribes Evading Laws Draw Scrutiny (Bloomberg News 6/4)

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