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Otoe-Missouria Tribe sees benefits from Internet lending firms

Monday, September 16, 2013

The Otoe-Missouria Tribe of Oklahoma says its two online lending firms are generating jobs and revenues.

In a declaration filed in federal court, Chairman John Shotton said the tribe's online business accounts for nearly half of its non-federally sourced budget. Revenues are used for housing, education, health and other programs and have created "dozens of jobs," according to the lawsuit.

These benefits are threatened by the state of New York, the lawsuit said. The tribe is asking a federal judge to stop New York Superintendent of Financial Services Benjamin Lawsky from interfering with its business.

A hearing was held in federal court last week on a motion for preliminary injunction that was filed by the tribe and the Lac Vieux Desert Band of Lake Superior Chippewa Indians of Michigan, which owns one online lender. A decision hasn't been announced.

Turtle Talk has posted documents from the case, Otoe-Missouria Tribe v. NY State Department of Financial Services.

Get the Story:
Otoe-Missouria lending company faces legal challenge (The Native American Times 9/16)
Tribes Challenge New York’s Authority Over Their Lending (The New York Times 9/11)