Tribal Leader Slams CFPB Over Payday Lending Proposal

Law360, New York (February 11, 2016, 10:36 PM EST) -- A Native American tribal leader assailed the Consumer Financial Protection Bureau on Thursday for its proposed regulation of so-called payday lenders, saying the agency has failed to consult with tribes as it prepares to issue a new federal rule on the industry.

During a hearing of the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee, Habematolel Pomo of Upper Lake Chairwoman Sherry Treppa said the CFPB’s expected new rule on short-term, small-dollar lending may disregard many tribes’ strict frameworks for regulating their lending businesses and protecting consumers.

“I remain concerned that the CFPB is developing its proposed...

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