Department of Justice Attacks Tribe Model
Published: Fri, 04/22/16
Do you care about the latest attack by the U.S. Department of Justice attack on the tribe payday loan lending model? If YES, read on... Otherwise delete this email now.
Read Online: http://www.paydayloanuniversity.com/doj-attacks-tribal-payday-loan-lending-model/
“In recent months, the attention of the tribal lending industry has focused on the Consumer Financial Protection Bureau’s emerging role in regulating short term loans from sovereign tribal nations, but a new and even more powerful player has recently emerged that could play a role in shaping future discussions: the U.S. Department of Justice.”
“The DOJ’s entrance into this arena was led by none other than the famed “Sheriff of Wall Street,” Manhattan U.S. Attorney Preet Bharara.”
“On Feb. 10, 2016, Bharara announced charges against Scott Tucker and colleagues for allegedly operating an illegal $2 billion payday lending enterprise. The indictment in that matter alleges that Tucker recruited Native American tribes to provide the appearance that his companies were tribally owned, and thus protected by sovereign immunity from state lawsuits and regulators.”
“This indictment was followed on April 7, 2016, by an indictment in the Eastern District of Pennsylvania claiming that Charles Hallinan and...
[Get the rest from JDSupra from link below.]
http://www.paydayloanuniversity.com/doj-attacks-tribal-payday-loan-lending-model/