WASHINGTON, Aug. 6, 2013 /PRNewswire-USNewswire/ -- Following the release of a letter targeting banks, debt collectors, and the National Automated Clearing House Association (NACHA) from the New York State Department of Financial Services, Barry Brandon, Executive Director of the Native American Financial Services Association (NAFSA) released the following statement:
"The actions from the New York Department of Financial Services unfairly target Native American tribes and violate our rights as self-governing entities. We are disappointed that years of precedent set by the federal government are being thrown out the window by overzealous regulators looking to further oppress tribal nations and breach our sovereign rights.
"The claims made in the letter from the New York Department of Financial Services are inaccurate, untrue, and not rooted in fact or reality. The lending companies operated by our members are wholly-owned arms of our tribes, bringing significant economic development to our reservations. They are licensed and regulated by tribes according to our ability to self-regulate. In addition, NAFSA's Best Practices provide yet another failsafe to protect consumers, ensure that lenders honor consumer rights, protect consumers' privacy, treat them fairly, and constantly strive to offer innovative alternative financial products.
"We encourage all consumers to become informed about our industry-leading best practices, learn about our role in providing crucial services to unbanked and underbanked consumers, and continue to stand up for Native American sovereign rights."
More information on the Native American Financial Services Association, including updates on this ongoing dispute, is available at www.mynafsa.org.
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.
SOURCE Native American Financial Services Association (NAFSA)