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Tribal sovereignty puts them beyond the reach of U. regulators, they argue. Tribal lenders. Tribal lenders were outraged by New Yorks order to stop making loans there, saying it violates their constitutionally protected right to set and enforce their own regulations.
Years of precedent set by the federal government are being thrown out the window by overzealous regulators looking to further oppress tribal nations and breach our sovereign rights, said Barry Brandon, executive director of the Native American Financial Services Association, a trade group, in a statement. Brandon said the lending companies are wholly owned bank rakyat personal loan 2016 the tribes and provide needed income for community development.
Yet some lenders that claim sanctuary on Native American land operate for the profit of outside businessmen who run them through a labyrinth of shell companies, according to an earlier investigation by the Center for Public Integrity.
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