You’ve probably seen the television commercials – a Native American man standing alone on the screen, offering quick and easy loans in pitches clearly aimed at the down and out. I’ve always stumbled over two things in those commercials for Western Sky Financial. First is the admission, inserted as a yeah-but clause, that, “Yes, the money is expensive.” And second is the disclaimer at the end that Western Sky Financial is a business located entirely on the South Dakota reservation of the Cheyenne River Sioux Tribe and, thus, governed (and regulated, or not, as the case may be) entirely by that tribe’s laws and courts. Now I have a bit clearer picture of both stumbling blocks.Get the Story:
Rick Mills: Loans were expensive – and states are paying attention (The Mt. Pleasant Morning Sun 9/14) Related Stories:
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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)
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New York tells Indian Country payday firms to stop business (8/6)
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