Two days after the Consumer Financial Protection Bureau (CFPB) announced it would re-examine its small-dollar/payday lending rule, the bureau dropped a lawsuit it filed against four online tribal payday lenders.
The case against the Habematolel Pomo of Upper Lake (HPUL) Tribe Economic Development Arms – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – was announced in April 2017.
Read on for reaction from HPUL Chairperson Sherry Treppa, counsel for the HPUL, and a statement from the CFPB on its decision to drop the case.
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