Tribe-Backed Lenders Sue NY Over Payday Loan Crackdown

Law360, New York (August 22, 2013, 1:38 PM EDT) -- A pair of Native American tribes operating online payday lending companies sued New York's top financial regulator Wednesday, saying that it violated their sovereignty and state law by pushing banks to stop processing loans.

The complaint, filed in New York federal court, comes a few weeks after the New York Department of Financial Services and its superintendent, Benjamin Lawsky, sent cease-and-desist letters to 35 online payday lenders that issue high-cost, short-term loans to New York residents despite those loans being in violation of the state's usury...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.