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NAFSA Applauds Federal Court Decision Upholding Tribal Sovereignty

Posted by on Nov 23, 2015 in Press Release, Statement | 0 comments

The Native American Financial Services Association (NAFSA) today lauded a federal court decision dismissing a case filed against two tribal online lending businesses, where the court held the businesses were entitled to Tribal sovereign immunity as an arm of the tribe. “The federal court's decision is a tremendous victory for Indian Country and consumers,” said Barry Brandon, Executive Director of NAFSA. “The court rightfully upheld tribes' inalienable right to exercise their sovereignty as historically mandated by federal policy, and correctly ruled that these online lending businesses are in fact arms of their tribes. For all the tribes that rely on e-commerce to help fund critical social programs for their members – and for all the consumers who exercise their choice to access short-term credit provided by tribal lenders – the decision is an important win.”

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NAFSA Commends FDIC for Step Forward on Reversing Damage of Operation Choke Point

Posted by on Nov 19, 2015 in Press Release, Statement | 0 comments

The Native American Financial Services Association (NAFSA) today commended the Federal Deposit Insurance Corporation (FDIC) for taking steps to correct the damage done by Operation Choke Point to legal, licensed Native American online lenders. In a Financial Institution Letter (FIL) released this week, the FDIC formally amended its guidance to make explicit that banks may offer products and services to non-bank lenders like the members of NAFSA who operate in compliance with applicable laws. “FDIC should be applauded for taking this important step towards righting the wrongs that Operation Choke Point caused many Native Americans tribes operating legal and licensed e-commerce businesses,” said Barry Brandon, Executive Director of NAFSA. "This is a not only a victory for Indian Country, it is a victory for the millions of consumers nationwide who rely on Native American online lenders for access to short-term credit.”

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American Banker: Don’t Lump In Installment Loans with Payday

Posted by on Nov 10, 2015 in News | 0 comments

In response to a recent op-ed on this blog defending payday loans, Rep. Linda Sánchez, D-Calif., countered that payday lenders create "debt traps" by forcing borrowers to take out additional loans to repay escalating interest on their original loan. I agree that this is a terrible cycle of debt for those who can least afford it. However, Sanchez is inaccurate and misinformed when she lumps the traditional installment loan industry together with the payday loan industry. There are significant differences.

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NAFSA Praises President Obama’s Statements Promoting Sustainable Tribal Economic Development

Posted by on Nov 5, 2015 in Press Release, Statement | 0 comments

President Endorses Focus on Giving Tribes the Tools to Generate  Jobs and Economic Development on Their Own Terms WASHINGTON, DC (November 9, 2015) – The Native American Financial Services Association (NAFSA) today applauded President Barack Obama’s remarks at the 2015 White House Tribal Nations Conference, where he advocated for working to increase opportunities for tribes to create jobs and build sustainable economic enterprises. “President Obama is absolutely correct that encouraging long-term economic development opportunities for sovereign tribes that promote their...

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FOX News Oped: What Can Entrepreneurs Learn from Native American Tribes? Everything.

Posted by on Nov 3, 2015 in News | 0 comments

When you consider where American technology innovation is happening in the United States, places like Silicon Valley or big cities on the east and west coasts might come to mind. As a fintech entrepreneur providing services to online lenders, my experience has found a thriving business community in places you might not think to look: American Indian Reservations. Many American Indian tribes have been enormously successful launching sustainable businesses in high-growth industries. These tribes owe their success to the creation of well-fueled economic development processes. Indeed, some tribes are so singularly focused on business creation that once an enterprise is running, they bring on business partners to help with operations so the tribe can remain focused on the creation of their next new business.

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