Tribes Drop Suit Over NY’s Regulation of Internet Loans
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American Indian tribes dropped a lawsuit challenging New York’s regulation of online lenders after setbacks in court, saying the case “has consumed considerable resources.”
Benjamin Lawsky, the state’s top financial regulator, last year ordered 35 online lenders, including at least four companies owned by tribes, to stop offering loans in New York. He also contacted Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co. and 114 others banks, asking them to cut off the lenders’ access to the electronic payment systems they rely on.