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Without admitting wrongdoing, the companies paid 21 million personal loans bbb forgave 285 million in loans and fees owed by borrowers. Pennsylvanias case differs from these previous challenges in that it attempts to sidestep the issue of tribal sovereignty, which is legally a federal matter (not to mention a cultural minefield).
Instead, by naming Think Finance and its related entities as defendants, Pennsylvania aims simply to prove that a conspiracy to evade the state's lending laws has personal loans bbb place. Similarly, the Vermont case does not directly involve tribal sovereignty, but instead claims Plain Green has violated federal lending personal loans bbb consumer protection laws.
Even with state licensing and new federal regulation, there may still be room for online lenders to exploit borrowers, the Center For Responsible Lending's Harnick warns. But the outcome of these legal cases could put a significant dent in Think Finances ability to use Native American tribes as a regulatory shield -- not just in Pennsylvania and Vermont, but elsewhere as well. The tribal lending model seems to be failing, Bourke said, because on the one hand its not providing enough protection for consumers, and on the other hand courts are increasingly saying that it is not sufficient for lenders to only get a license in association with a Native American tribe.
That means online lenders will be more likely to want to get licenses from every state where they operate, he noted, which would allow for tighter regulation of the industry. There will still be a lot of bad loans made, Bourke said, but at least it will be much harder for fraud to happen.
Hunter Stuart contributed additional reporting.