Article X associated with the Act developed the Consumer Financial Protection Bureau with plenary supervisory, enforcement and rulemaking authority with regards to payday lenders. The Act will not differentiate between tribal and non-tribal loan providers. TLEs, which can make loans to customers, autumn squarely in the concept of “covered people” beneath the Act. Tribes aren’t expressly exempted through the conditions associated with Act if they perform consumer-lending functions.
The Looming Battle Over CFPB Authority
However, TLEs will undoubtedly argue which they must not fall within the ambit regarding the Act.