CFPB Can Probe Indian Tribal Payday Lenders, Cordray Says

Law360, New York (September 26, 2013, 6:44 PM EDT) -- The Consumer Financial Protection Bureau's Director Richard Cordray on Thursday said that it has the authority to investigate activities of tribal payday lenders and rejected an appeal from three Native American-owned and -operated firms seeking to get out from under such a probe.

In an administrative order, Cordray said that the CFPB, like any other federal agency, has the authority to investigate, regulate and bring enforcement actions against businesses that operate out of Indian reservations but do business with customers that are not subject to tribal jurisdiction....
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