indianz.com your internet resource indianz.com on facebook indianz.com on twitter indianz.com on Google+ indianz.com on soundcloud
phone: 202 630 8439
Indian Law Online Master Degree - University of Tulsa College of Law
Advertise on Indianz.Com
Home > News > Headlines
Print   Subscribe
Editorial: Tighter regulation needed for online loan industry

Filed Under: Opinion
More on: cheyenne river sioux, immunity, internet, payday loans, south dakota, sovereignty
     

New York Times welcomes crackdown on companies like Western Sky Financial, a controversial online lender that's owned by a member of the Cheyenne River Sioux Tribe of South Dakota:
A prominent online lender that has increasingly run into state challenges — Western Sky Financial, owned by a tribal member of the Cheyenne River Sioux — has just announced that it will stop financing loans next month. Fifteen states have banned usurious payday lending to protect workers from the servitude of compound interest fees worthy of loan sharks. In reaction, lenders are now looking for other ways to ply their abusive trade — by conducting business offshore via the Internet or through ties with American Indian groups invoking their sovereign nation status.

Western Sky Financial’s retreat is a significant step forward in the government crackdown on payday lending. The company faces usury law challenges in five states, most recently in New York where Attorney General Eric Schneiderman filed suit this month charging the company with levying interest rates of more than 300 percent in violation of state law that caps interest at 25 percent. New York authorities have ordered 34 other online and American Indian lenders to stop providing online payday loans in the state, prompting American Indian groups to begin lawsuits in the name of their sovereignty.

Get the Story:
Editorial: Cracking Down on Predatory Payday Lenders (The New York Times 8/30)

Related Stories:
Blog: State actions take toll on Indian payday loan industry (8/29)
Western Sky Employees: Fighting for our voices to be heard (8/28)
Indian online lender lays off employees and cuts new loans (8/27)
New York sues online lender operated by Cheyenne River man (08/13)
Center: Indian Country payday lenders face increased scrutiny (8/9)
New York tells Indian Country payday firms to stop business (8/6)


Copyright © Indianz.Com
More headlines...
Stay Connected:
On Facebook

On Twitter

On Google+

On SoundCloud
Local Links:
Federal Register | Indian Gaming | Jobs & Notices | In The Hoop | Message Board
Latest News:
DOJ sides with Tulalip Tribes in taxation dispute in Washington (8/4)
Tribes receive first round of grants from Seeds of Native Health (8/4)
Tribal comment sought for final round of Promise Zone initiative (8/4)
Native Sun News: Bike ride raises money for Pine Ridge families (8/4)
Lakota Country Times: Ball fields dedicated to Pine Ridge youth (8/4)
Native Sun News Editorial: Native community rises in Rapid City (8/4)
Vi Waln: Clear your minds before coming to sacred ceremonies (8/4)
Adrienne Keene: Cultural appropriation reinforces past wrongs (8/4)
Steve Russell: Small tribes get even smaller with disenrollment (8/4)
Valentin Lopez: Founder of brutal Indian missions was no saint (8/4)
David Ramseur: Ease travel for Natives in Alaska and in Russia (8/4)
Commerce Blog: Secretary Pritzker visits Bay Mills Community (8/4)
NPS suppresses probe into destruction at burial mound in Iowa (8/4)
Comanche Nation boxer set for next match on home territory (8/4)
Maine tribes denied seat at table in law enforcement matters (8/4)
Chumash Tribe paid $15M for parcel near land-into-trust site (8/4)
Ketchikan Indian Community helps dedicate new totem pole (8/4)
Pamunkey Tribe enters federal recognition era with new chief (8/4)
Nanticoke Lenni-Lenape Tribal Nation to expand land holdings (8/4)
Review: 'Never Alone' game brings Alaska Native culture to life (8/4)
Sault Tribe remains confident in off-reservation gaming dispute (8/4)
Eastern Cherokee budget depends heavily on gaming revenues (8/4)
Arizona tribes see growth in casino revenue for another quarter (8/4)
Coeur d'Alene Tribe awards largest jackpot with $1.3M payment (8/4)
Kalispel Tribe sees golf course purchase as way to boost casino (8/4)
Editorial: Catawba Nation casino represents jobs and revenues (8/4)
Judge won't allow suit over death of young member of Ute Tribe (8/3)
Cheyenne River Sioux Tribe finally starts work on movie theater (8/3)
Morongo Band awards $40K in scholarships to Native students (8/3)
Native Sun News: Indian lawmakers achieve goals in Montana (8/3)
Lakota Country Times: Skate competition grows at Pine Ridge (8/3)
Mark Trahant: Appoint tribal delegates to serve in US Congress (8/3)
Delphine Red Shirt: Restore Black Hills peak to its rightful name (8/3)
Dana Lone Elk: Lakota grandmothers hold our society together (8/3)
Steve Russell: The Great White Lion Hunter kills only for thrills (8/3)
Terese Marie Mailhot: Native people endure delays for justice (8/3)
Sarah Deer: Ending the cold war over land-into-trust in Alaska (8/3)
Steven Newcomb: High court still relying on Christian doctrine (8/3)
Navajo Nation couple weighs court challenge to marriage law (8/3)
Isleta Pueblo celebrates milestone in tribal education system (8/3)
Chemehuevi Tribe accuses law enforcement of racial profiling (8/3)
Alaska Natives deal with toxic legacy in poisoned food supply (8/3)
Mille Lacs Band halts walleye harvest amid declining numbers (8/3)
Choctaw Nation police officer helps arrest suspects in murder (8/3)
Florida court dissolves injunction in Indian online lender case (8/3)
Arizona cites immunity in Tohono O'odham Nation casino case (8/3)
Fond du Lac Band wants to resolve long-running gaming fight (8/3)
Snoqualmie Tribe hires new chief operating officer for casino (8/3)
Editorial: Seminole Tribe is a good gaming partner for Florida (8/3)
Editorial: Something's gotta give in New England casino race (8/3)
Muscogee Nation activist dangled from bridge to stop oil ship (7/31)
Native Sun News: Rapid City mayor denies claim of retaliation (7/31)
more headlines...

Home | Arts & Entertainment | Business | Canada | Cobell Lawsuit | Education | Environment | Federal Recognition | Federal Register | Forum | Health | Humor | Indian Gaming | Indian Trust | Jack Abramoff Scandal | Jobs & Notices | Law | National | News | Opinion | Politics | Sports | Technology | World

Indianz.Com Terms of Service | Indianz.Com Privacy Policy
About Indianz.Com | Advertise on Indianz.Com

Indianz.Com is a product of Noble Savage Media, LLC and Ho-Chunk, Inc.