Business | Law | National

Tribal online lenders off to court in lawsuit against New York





The Otoe-Missouria Tribe of Oklahoma and the Lac Vieux Desert Band of Lake Superior Chippewa Indians of Michigan are in federal court today to defend their online lending businesses.

The tribes operate online lenders under their own laws and regulations. They say the state of New York has no authority over their activities.

New York Superintendent of Financial Services Benjamin Lawsky, however, claims the lenders are violating state laws. He issued cease and desist letters to the tribal companies last month.

The hearing is taking place in the federal courthouse in New York City. Turtle Talk has posted documents from the case, Otoe-Missouria Tribe v. NY State Department of Financial Services.

Get the Story:
New York, Indian Tribes to Face Off in Court on Loans (The Wall Street Journal 9/11)

Related Stories:
Firm tied to Western Sky barred from business in Minnesota (9/10)
Column: Look for source of money behind online loan industry (9/9)
Indian loan firm lays off 94 employees amid mounting legal woes (09/04)
Editorial: Tighter regulation needed for online loan industry (08/30)
Blog: State actions take toll on Indian payday loan industry (08/29)
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)

Join the Conversation