Cordray Says Consumer Bureau ‘Zoning In’’ on Tribal Payday Firms
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U.S. Consumer Financial Protection Bureau Director Richard Cordray said his agency is prepared to use federal authority to crack down on payday lenders who dodge state laws by affiliating with Native American tribes.
Responding to a question from Colorado Attorney General John Suthers in Washington today, Cordray said his agency and the Federal Trade Commission are looking into what they can do about tribe-based lenders who claim immunity from state laws.