2nd Circuit Upholds Regulation of American Indian Payday Lenders

The U.S. Court of Appeals for the Second Circuit has ruled that New York's top financial regulator can tackle online lending businesses run by two American Indian tribes in Oklahoma and Michigan, the New York Times reports: "In their lawsuit, the tribes — the Otoe Missouria Tribe in Red Rock, Okla., and the Lac Vieux Desert Bank of Lake Superior Chippewa Indians in Watersmeet, Mich. — argued that their sovereign status shielded them from the reach of New York State. The appeals court disagreed, outlining in a 33-page opinion that the borrowers reside in New York and received the loans, 'certainly without traveling to the reservation.”'