The Street: NAFCC defends payday lenders in Indian Country
Posted: Wednesday, July 13, 2011
"The Native American Fair Commerce Coalition (NAFCC) describes itself as an advocacy group comprising "like-minded tribes and tribal members that are committed to protecting the sovereign rights of Native Americans to pursue business and economic opportunities for their tribes nationwide."
In a statement issued yesterday, the group lashed out against critics, specifically the Community Financial Services Association of America, an organization "dedicated to advancing financial empowerment for consumers through small dollar, short-term loans." NAFCC alleged "discriminatory behavior and impeding Native Americans from lawfully exercising the rights of Native Americans to the same economic opportunities available to members companies of the CFSAA."
NAFCC is taking umbrage at a recent CFSAA statement, issued as a press release, that said those involved with online short-term lending affiliated with tribal lands are "a group of Internet-based lenders who choose not to license themselves in the states in which they operate."
"The CFSAA's admonition to its members to avoid Native American tribal involvement in online short-term lending is discriminatory and violates the cross-generational, hard-fought gains achieved by Native Americans to maintain tribal identity and culture and protect their economic development," NAFCC Executive Director Darold Stagner said in a statement provided to TheStreet. "The CFSAA, with its constant attacks on the expanding presence of Native Americans in online lending, is causing harm to all three areas of our mission.""
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