Without a doubt about CFPB Signals Renewed Enforcement of Tribal Lending

Without a doubt about CFPB Signals Renewed Enforcement of Tribal Lending

In the past few years, the CFPB has delivered various communications regarding its approach to regulating tribal financing. The CFPB pursued an aggressive enforcement agenda that included tribal lending under the bureau’s first director, Richard Cordray. After Acting Director Mulvaney took over, the CFPB’s 2018 five-year plan suggested that the CFPB had no intention of “pushing the envelope” by “trampling upon the liberties of our residents, or interfering with sovereignty or autonomy associated with the states or Indian tribes.” Now, a decision that is recent Director Kraninger signals a come back to a far more aggressive position towards tribal financing pertaining to enforcing federal consumer financial legislation.

Continue Reading