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Tribes seek expedited appeal in New York online lending suit

Two tribes are appealing a federal judge's order that subjects their online lending businesses to state laws in New York.

The Otoe-Missouria Tribe of Oklahoma and the Lac Vieux Desert Band of Lake Superior Chippewa Indians of Michigan are asking the 2nd Circuit Court of Appeals for an expedited review, The Wall Street Journal reported. They say New York Superintendent of Financial Services Benjamin Lawsky has violated their sovereignty by calling their loans illegal and by telling lending institutions to stop doing business with the tribes.

The tribes operate the lending businesses under their own laws and regulations. Judge Richard Sullivan, however, said they must comply with the state's lending practices.

Get the Story:
Tribes Appeal Judge's Decision in Online Lending Case (The Wall Street Journal 10/7)

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