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

Supreme Court Rejects Tribal Lenders' Petition to Avoid CFPB CID

 

December 19, 2017



On December 11, the U.S. Supreme Court rejected without comment a petition from online tribal lending entities to appeal a Ninth Circuit Court of Appeals decision that ordered the entities to comply with a CFPB investigation related to small-dollar loan products. As previously covered by InfoBytes, the entities argued that due to tribal sovereignty, the CFPB does not have jurisdiction over the small-dollar lending services. The CFPB urged the Supreme Court to deny the petition, arguing that the Court’s review is unnecessary because “[t]he question at this juncture is solely whether the Bureau may obtain information from petitioners pursuant to a CID,” not “whether petitioners are subject to the Bureau’s regulatory authority.”

https://www.lexology.com/library/detail.aspx?g=4dd9b95b-68eb-4ff5-9726-201d85b1f81d

 

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