Tribal Payday Lenders Dealt Major Blow By NY Ruling

Law360, New York (October 1, 2013, 7:29 PM EDT) -- A New York federal judge's decision allowing New York state to continue with its aggressive actions against online payday loans issued by lenders based on Native American reservations could embolden other regulators and do permanent damage to that sector of the online lending industry, experts say.

U.S. District Judge Richard J. Sullivan's Monday ruling allowing the New York Department of Financial Services to move against tribal payday lenders operating in violation of the state's usury caps comes as other states are considering similar moves and federal...
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