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The government won a major victory last month when a federal magistrate ruled that for-profit companies are not necessarily immune from federal consumer protection laws merely because they are affiliated with Indian tribes.
The ruling by a magistrate must still be approved by a district court. If that happens, the ruling will have broad implications for all federal enforcers seeking to combat illegal payday lending practices, said Jessica Rich, director of the FTCs consumer protection bureau.
The court has small cash loans for centrelink benefits yet determined whether some of the lenders, officially chartered by Indian tribes, are for-profit corporations and therefore subject to FTC oversight.
The companies sense of security on Native American land has been rattled by other recent federal actions, including a round of civil subpoenas issued last year by the Consumer Financial Protection Bureau. The Justice Department later became involved in the investigation, according to industry members familiar with the probe who spoke on condition of anonymity to avoid fueling tension with federal authorities. CFPB spokeswoman Moira Vahey said the agency does not comment on or confirm pending enforcement action.
Think about why you are in a bind and need to borrow money now. Likely, it is because you do not have any savings to draw from. You are not alone in this. In fact, 40 of your fellow Americans do not have at least 400 in savings to draw small cash loans for centrelink benefits. So how can we create some sort of savings to fall back on.
LetвЂs do the math. If you can save just 3 a day and put that into a savings account, you will have over 1,000 in one year. Take a look at your regular daily expenses and figure out where you can cut out small charges that will barely affect your daily life but will add up to big savings in the long run. Do you stop into coffee shops to buy 5 lattes everyday. Choose to make coffee at home or just get a simple cup of coffee when you stop for your morning joe.