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Storefront payday lenders criticize online rivals for affiliating with Indian tribes

Storefront payday lenders criticize online rivals for affiliating with Indian tribes

Elaine Thompson/The Associated Press

Brand New customer Financial Protection Bureau has authority to manage industry that is payday

Introduction

A U.S. set of storefront payday loan providers is distancing it self from some online lenders that are payday saying they wish to avoid state legislation by partnering with Native America tribes.

“We abhor their methods,” Steven Schlein, a spokesman for the Consumer Financial Services Association of America (CFSA), an organization that represents bricks-and-mortar lending that is payday, told iWatch Information.

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