indianz.com your internet resource indianz.com on facebook indianz.com on twitter indianz.com on Google+
ph: 202 630 8439
Native American Bank - Native people investing in Native communities
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:

Local Links:
Federal Register | Indian Gaming | Jobs & Notices | In The Hoop | Message Board
Latest News:
Native Sun News: Tribe threw away late veteran's memorabilia (10/31)
Mark Trahant: The Native vote could decide the 2014 election (10/31)
Richard Peterson: Sen. Begich supports Alaska Native issues (10/31)
NCAI investigates conduct of treasurer at annual convention (10/31)
Red Lake News: Tribe welcomes Sen. Tester and Sen. Franken (10/31)
Former chairman of Chippewa Cree Tribe faces more charges (10/31)
Texas couple accused of selling fake tribal membership cards (10/31)
Moapa Band loses bid for $438M solar facility on reservation (10/31)
Passamaquoddy Tribe won't talk with tidal power developers (10/31)
Oregon tribe anticipates May 2015 opening for Class II casino (10/31)
Trial opens in case connected to Choctaw Nation casino work (10/31)
Editorial: Off-reservation gaming project unfair to other tribes (10/31)
Opinion: Menominee Nation exploits loophole to pursue casino (10/31)
Native Sun News: Oglala Sioux officer rejoins Rapid City police (10/30)
Mark Trahant: Native voters must be prepared on election day (10/30)
Kevin Gover: Mascot fight exposes myths about Native people (10/30)
Northern Arapaho Tribe: Newspaper got it wrong on joint council (10/30)
Peter d'Errico: Kevin Washburn honored by Indian law students (10/30)
Chris Deschene still urging Navajo Nation voters to choose him (10/30)
Tribes in North Carolina back Democrat Sen. Hagan in tight race (10/30)
NWPR: Tribes take steps to control growing herds of wild horses (10/30)
Opinion: Helping the Tongva people revive their own language (10/30)
Judge grants injunction to keep Chukchansi Tribe casino closed (10/30)
Tribes in South Dakota would benefit from gaming referendum (10/30)
Employee at Puyallup Tribe's casino gets wedding ring returned (10/30)
Editorial: Keep tribal casinos in California on existing Indian land (10/30)
Column: Menominee Nation off-reservation casino goes ignored (10/30)
Quapaw Tribe faces competition for Kansas commercial casino (10/30)
Native Sun News: Montana tribe sees cut in heating assistance (10/29)
Mark Trahant: Alaska Senate race is a real test of Native policy (10/29)
Winona LaDuke: Taking treaty advice from indigenous nations (10/29)
Vena A-Dae Romero: FDA failing to consult tribal governments (10/29)
Zachary Pullin: Native Americans overcame barriers to voting (10/29)
Navajo Nation president vetoes bill to address language issue (10/29)
Prairie Island Indian Community sues over nuclear waste rule (10/29)
County's letter on CSKT water compact talks stirs controversy (10/29)
Vice: Hip-hop artist Drezus on new journey after jail sentence (10/29)
Opinion: Overcoming stereotypes of Native American culture (10/29)
Charges sought in dispute at Chukchansi Tribe's closed casino (10/29)
Pechanga Band chair featured in ads against North Fork casino (10/29)
Grand Ronde Tribes continue fight against Cowlitz Tribe casino (10/29)
Puyallup Tribe offers reward for return of casino worker's ring (10/29)
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.