The Consumer Financial Protection Bureau continues to move toward fair and balanced protection of consumers. This enables the Sovereign Nation business model of LDF Holdings to conduct business in a more predictable manner at the federal level. Some states, however, may move to increase regulations of online lending. State-by-state activity will remain on top of our list of activities to monitor for changes in regulatory activities. As things evolve in the regulatory environment, we’ll be sure to provide you with updates. Stay tuned!
February NAFSA Legislative Outlook
Our friends at the Native American Financial Services Association in Washington, D.C. offer their February Legislative Outlook to ensure we all continue to remain atop issues impacting our industry.
The CFPB has asked Congress to pass legislation that would provide the CFPB “clear authority” to administer exams on financial institutions to ensure compliance with the Military Lending Act (MLA).
The House Financial Services Committee has released its hearings line-up for the month of February. The hearings include topics such as credit bureaus’ reporting systems and diversity trends in financial services.
Senator Tom Udall (D-NM) introduced the Indian Programs Advance Appropriations Act, or S.229, which would secure funding in advance for critical programs at the Bureau of Indian Affairs (BIA) and the Indian Health Service (IHS), ensuring these programs stay open during future government shutdowns.
On February 6, the Consumer Financial Protection Bureau (CFPB) proposed changes to the small-dollar rule, also known as the payday rule. The CFPB is proposing to rescind the ability-to-repay provisions under the rule. The notice of proposed rulemaking is open to public comment for 90 days.
LDF Holdings Reports Successful Audit Results
We’re pleased to report a successful conclusion to our recent financial audit by an outside, independent audit firm. The independent auditors concluded we submitted accurate financial reports. The auditors also found our financial processes and reporting followed generally accepted accounting principles and accurately reflected our financial health.
LDF Holdings Annual Report Highlights
Revenue growth and job creation continue with the launch of five new Native American Indian online lending entities. Coupled with our leading-edge compliance efforts and business practices, we’ve quickly become an online lending leader. Our success comes from a variety of sources. We have a wonderful, dedicated team of professionals working to ensure a seamless experience for our service providers. We have an engaging network of service providers who take extremely good care of customers.