Banking Department Still Deciding What To Do About Tribal Payday Loan Companies

The Connecticut Department of Banking has less than 20 days to decide whether it will appeal a court decision that sustains tribal immunity for an Oklahoma-based Indian tribe that manages payday loan companies.

Superior Court Judge Carl Schuman found that the “substantial rights” of the Otoe-Missouri Tribal Nation “have been prejudiced by the commissioner’s ruling on tribal immunity.”

Schuman remanded the case back to the Banking Department to determine based on the record whether the two tribal payday loan companies are arms of the tribe and whether Chief John Shotton has tribal sovereign immunity from financial penalties that the commissioner seeks to impose now and in the future.

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