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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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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MarketWatch: Payday Lenders Get Rare Defense as New York Fed Takes on Critics

Posted by on Oct 20, 2015 in News | 0 comments

WASHINGTON (MarketWatch) — The payday lending industry got a rare showing of regulator support on Monday as the New York Fed took on its critics. Payday lenders have seen a great deal of criticism for their practices. President Barack Obama has said the industry traps people in a cycle of debt, and the Consumer Financial Protection Bureau has identified practices it’s concerned about, including failure to underwrite for affordable payments, repeatedly rolling over or refinancing loans, holding a security interest in a vehicle as collateral, accessing the consumer’s account for repayment, and performing costly withdrawal attempts.

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NAFSA Releases Response to Treasury Department Information Request on Online Lending

Posted by on Oct 1, 2015 in News, Press Release, Statement | 0 comments

Native American Financial Services Association provides Treasury with critical information about lending products offered by Tribal Governments WASHINGTON, DC (October 1, 2015) – The Native American Financial Services Association (NAFSA) today announced the release of its response to a request for information by the U.S. Department of the Treasury for its study on the expanding online lending industry. “NAFSA is proud to have provided information about lending products offered by Tribal Governments that will be critical to ensuring Treasury’s study on the industry will be valid and...

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Rep Hastings Washington Times Oped: Why Payday Loans Are in Consumers’ Best Interests

Posted by on Sep 29, 2015 in News | 0 comments

As published in the Washington Times:  It is difficult for many of us to imagine having to choose between paying the rent on time or purchasing our sick child’s prescription medicine. But for many Americans who live paycheck to paycheck, circumstances like these are an all-too-familiar reality. For these individuals who are credit-constrained, payday loans provide a financial solution when emergencies or other unforeseen events arise. I know how important these loans can be: I myself relied on a short-term loan to establish my first law practice. At the time, it was the only avenue...

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Huffington Post: 13 Issues Facing Native People Beyond Mascots And Casinos

Posted by on Jul 30, 2015 in News | 0 comments

Most of the recent headlines about indigenous Americans have had to do with a certain D.C. football team, or a surpassingly dumb Adam Sandler movie, or casinos of the kind operated by the fictional Ugaya tribe on “House of Cards.” And we’re not saying these issues don’t matter. But beyond the slot machines, the movie sets and the football fields, there are other problems facing Native communities — insidious, systemic, life-or-death problems; the kinds of problems it takes years and votes and marches to resolve — that aren’t getting nearly as much...

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