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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)

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