Carter Ledyard Corporate Partner Steven Paul McSloy was recently quoted in the Law360 article, “CFPB Lending Tussle Echoes Early Days Of Tribal Gambling,” discussing proposed new regulations by the federal Consumer Financial Protection Bureau to regulate tribal lenders involved in so-called “payday lending.” McSloy noted that the resistance of tribes as sovereigns to state regulation and the resultant jurisdictional confusion was similar to the uncertainty around tribal gambling before the 1988 passage of the Indian Gaming Regulatory Act, stating that“ what tribes are doing with payday lending is not legally distinct from what they were doing with casinos.” McSloy is a frequent speaker on issues of tribal sovereignty and is the former General Counsel of the Oneida Indian Nation of New York.
