WASHINGTON, DC--(Marketwire - Mar 6, 2012) - The Native American Fair Commerce Coalition (NAFCC), a representative organization comprised of like-minded tribes and tribal members that are committed to protecting the sovereign rights -- well settled in US law -- of Native Americans to pursue business and economic opportunities for their tribes nationwide, has taken issue with recent comments made by U.S. Consumer Financial Protection Bureau Director Richard Cordray attacking tribes engaged in online short term lending.
Following a speech at a National Association of State Attorneys General conference, Cordray said his agency will apply federal authority to 'crack down on payday lenders who dodge state laws by affiliating with Native American tribes.'
"Director Cordray does not appear to understand that tribes are full partners in online lending businesses, and regulate business practices through the enactment of tribal laws and the implementation of regulatory authorities to provide consumer protections. Native American online lending businesses are providing sorely needed economic development on the reservation, while serving thousands of consumers nationwide with short term financing required to help address emergency needs," said Barry Brandon, Executive Director the NAFCC.
Charles Moncooyea, Vice Chairman of the Otoe-Missouria Tribe of Indians and NAFCC tribal member, commented: "The statements by Director Cordray are essentially a declaration of war against Native American tribal governments. The Director's comments and threats are demeaning, misguided, discriminatory and patently false. The fact is our tribe -- and tribes nationwide -- benefit from the positive economic impact from these and other business activities, with revenues directed towards such critical needs as medical care, education and many other basic necessities. We will not cower in the face of these malicious and dangerous attacks."
"We urge Director Cordray to learn his history and understand in no uncertain terms the tribes' inherent right to govern themselves and their lands. The Director also seems to be ignoring President Obama's commitment to consult with tribal governments on issues that directly affect their sovereignty," added Brandon.
ABOUT THE NAFCC:
The Native American Fair Commerce Coalition (NAFCC) is a representative organization comprised of like-minded tribes and tribal members that are committed to protecting the sovereign rights -- well settled in US law -- of Native Americans to pursue business and economic opportunities for their tribes nationwide. Headquartered in the Nation's Capital, the NAFCC is more than 10,000 individual members and represents Native American tribes nationwide.
Contact Information:
CONTACT:
SSA Public Relations
David Syatt