Some Indian tribes – specially impecunious tribes found remotely from population facilities, without adequate visitors to engage profitably in casino gambling – are finding much-needed revenue from consumer financing on the internet.
In a normal model, the tribe types a tribal financing entity (TLE) this is certainly financed by a 3rd party. The TLE then makes loans on the internet to consumers nationwide, frequently on terms which can be illegal beneath the internal rules associated with continuing states where in actuality the borrowers live. The TLE benefits from the tribe’s sovereign immunity because the TLE is deemed an “arm” of the tribe. Continue reading “The continuing future of Tribal Lending Underneath The Customer Financial Protection Bureau”