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CFPB Signals Renewed Enforcement of Tribal Lending

In modern times, the CFPB has delivered various communications regarding its approach to regulating tribal financing. Beneath the bureau’s very first manager, Richard Cordray, the CFPB pursued an aggressive enforcement agenda that included tribal financing. After Acting Director Mulvaney took over, the CFPB’s 2018 five-year plan suggested 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 decision that is recent Director Kraninger signals a return to an even more aggressive position towards tribal financing linked to enforcing federal customer financial legislation. Continue reading