NAFSA Looks Forward to Continued Partnership with FDIC

Sep 30, 2013, 10:30 ET from NAFSA

WASHINGTON, Sept. 30, 2013 /PRNewswire-USNewswire/ -- NAFSA's tribal members appreciate the FDIC's recent guidance to banks and processors which codifies the legality of doing business with online lenders. The Native American Financial Services Association (NAFSA) looks forward to working with the FDIC to ensure that compliance programs keep bad actors out of this market. Since its creation, NAFSA has mandated that all members abide by a strict set of best practices that protect consumers and ensure that their rights are respected. Additionally, co-regulation with the FDIC and all other agencies by our individual tribal governments is a foundational value of NAFSA. Every one of our tribal members is committed to preserving the integrity of this industry, providing much needed jobs and opportunity throughout Indian country.

The Native American Financial Services Association (NAFSA) formed in 2012 to advocate for Native American sovereign rights and enable tribes to offer responsible online lending products.  Through the protection of consumer rights and sovereign immunity, NAFSA provides vital services to tribally operated lenders serving the under-banked with better short term financial services, furthering economic development opportunities in Indian Country.