Storefront payday lenders criticize online rivals for affiliating with Indian tribes

Storefront payday lenders criticize online rivals for affiliating with Indian tribes

Elaine Thompson/The Associated Press

brand New customer Financial Protection Bureau has authority to modify industry that is payday

Introduction

A U.S. band of storefront payday loan providers is distancing it self from some online payday lenders, saying they would like to avoid state legislation by partnering with Native America tribes.

“We abhor their methods,” Steven Schlein, a spokesman for the customer Financial Services Association of America (CFSA), an organization that represents bricks-and-mortar payday financing shops, told iWatch Information.

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Loan providers that peddle loans online allow it to be hard for states to manage them, Schlein stated. Continue reading “Storefront payday lenders criticize online rivals for affiliating with Indian tribes”