Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Tribe Says Regulations Will Harm Its Economic Prospects


A Native American tribe is opposing protectionist regulations proposed by the Consumer Financial Protection Bureau, saying the rules would eliminate consumer choice, reduce access to credit, and harm the economic vitality of its businesses.

The bureau proposed rules in March 2015 that would apply to short-term credit options such as payday loans, requiring that lenders ensure that a consumer can repay the loan. These loans are typically required to be paid back in full within 45 days, and the bureau claims that they are expensive and risky for consumers who are living paycheck to paycheck.


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