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Gary ‘Litefoot’ Davis Named Executive Director of Native American Financial Services Association

Posted by on Sep 28, 2016 in News, Press Release | 0 comments

Gary ‘Litefoot’ Davis Named Executive Director of Native American Financial Services Association

WASHINGTON, D.C. (September 28, 2016) Gary “Litefoot” Davis, an enrolled member of the Cherokee Nation of Oklahoma, has been named the new Executive Director of the Native American Financial Services Association (NAFSA). “The appointment of Gary Davis will be transformative for our organization and the tribal communities we serve,” said Otoe-Missouria Chairman John R. Shotton who serves as NAFSA’s Chairman.  “Gary has been a passionate and tireless advocate for creating new economic opportunities for Indian Country and nobody has...

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Statement: NAFSA Comments on Proposed CFPB Lending Rule

Posted by on Jun 2, 2016 in News, Statement | 0 comments

We are disappointed that the CFPB has not only disregarded tribes’ constitutionally-affirmed sovereignty with their proposed rule, but also flagrantly violated their statuary obligation to co-regulate with Native American tribal regulators as explicitly mandated under the Dodd-Frank Act.

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CFPB Lending Tussle Echoes Early Days Of Tribal Gambling

Posted by on Feb 26, 2016 in News | 0 comments

As published on Law360 on February 26, 2016:  The Consumer Financial Protection Bureau’s plan to regulate tribal lenders and other providers of short-term, often-high-interest loans comes at a sensitive stage for tribes’ involvement in the industry, as their efforts to kick-start lending businesses under the wary eye of the federal government recall the days before tribal gambling took off.   As the CFPB plans its new rule on short-term, small-dollar lending, tribes are worried that the agency will wade into regulating their lending...

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PR Newswire: Lac Vieux Desert Band of Lake Superior Chippewa Indians Bolsters Tribal Economic Development Portfolio with Purchase of Bellicose Capital, LLC

Posted by on Jan 27, 2016 in News | 0 comments

In a major deal that will bring millions of dollars in economic development to the Lac Vieux Desert Band of Lake Superior Chippewa Indians (LVD) and its geographically isolated reservation in Watersmeet, MI, LVD has today announced that it has completed the purchase of Bellicose Capital. Bellicose has been a valued service provider to the Tribe's lending business and talks to acquire Bellicose have been underway for several years.

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Washington Examiner – Mark Calabria Oped: Time For Regulators To Catch Up To The Digital Age

Posted by on Dec 21, 2015 in News | 0 comments

Advances in online communications have revolutionized many industries in recent years. While Uber and its impact on taxis may have garnered the most attention, similar forces have been reshaping vast swaths of the American economy. Yes, established firms have seen their positions eroded, but consumers have received tremendous benefits and, in many instances, so have the employees of these new enterprises. All too often, however, government has sided with established incumbents, instead of consumers. Policymakers continually fail to embrace technological and entrepreneurial innovations that are a net benefit to the economy and thereby stifle efficiency and competition.

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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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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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