Key Trump advisor presses new administration on rules for online lenders

Wednesday, August 2, 2017  

Are the rough days of the online lending industry coming to an end under the Trump administration?

Corey Lewandowski, a former campaign manager for President Donald Trump, apparently thinks so. He's working for an online lending company that wants to block new rules proposed for the industry -- including tribally-owned firms, The New York Times reports.

But don't call Lewandowski -- who remains close to the president -- a lobbyist. Even though he went on a talk show on Sunday to advocate for the interests of his client, he doesn't plan on registering as one.

“I don’t lobby and I don’t intend to lobby — ever,” Lewandowski told The Times.

During the Obama administration, lending firms in Indian Country faced intense scrutiny from federal and state regulators. That's what led the Consumer Financial Protection Bureau, an independent federal agency, to propose new standards for tribal and commercial businesses.

Tribal lenders quickly criticized the rule, which drew more than 1.3 million comments, according to regulations.gov. But it hasn't been finalized and the White House did not respond to The Times when asked about potential contacts with Lewandowski and his firm, Lewandowski Strategic Advisors.

Just last month, the agency finalized a different rule that bars the use of arbitration clauses in certain financial agreements. Tribes, though, are exempt.

Read More on the Story:
Trump Loyalist Mixes Businesses and Access at ‘Advisory’ Firm (The New York Times 8/1)

Chippewa Cree Tribe set to recover $2.5M from online lending firm (May 4, 2017)
Native American Financial Services Association hires new director (September 28, 2016)
Harold Monteau: Tribal lending industry facing major challenges (August 26, 2016)
Tribal lenders face pressure as new rule aims to end 'debt traps' (June 7, 2016)