Tribes Lose Bid To Halt NY Payday Loan Crackdown

Law360, New York (October 1, 2013, 1:35 PM EDT) -- A federal judge in New York on Monday ruled that the state's financial regulators have the authority to pressure banks to stop processing online payday loans to New York borrowers issued by lenders based on Native American reservations, and rejected a pair of tribes' bid for an immediate stop to the practice.

Judge Richard J. Sullivan of the federal district court in Manhattan also could put a serious hitch in the tribes' quest to stop the New York Department of Financial Services from blocking online payday...
To view the full article, register now.