CFPB Signals Renewed Enforcement of Tribal Lending

In the past few years, the CFPB has delivered various communications regarding its approach to regulating tribal financing. The CFPB pursued an aggressive enforcement agenda that included tribal lending under the bureau’s first director, Richard Cordray. After Acting Director Mulvaney took over, the CFPB’s 2018 plan that is five-year that the CFPB had no intention of “pushing the envelope” by “trampling upon the liberties of our residents, or interfering with sovereignty or autonomy for the states or Indian tribes.” Now, a current choice by Director Kraninger signals a return to an even more aggressive position towards tribal financing linked to enforcing federal customer economic rules. (more…)