LDF Holdings Launches New Business

LDF Holdings Launches Native American Online Lending Consulting Business

LDF Holdings is thrilled to announce our new consulting company designed to assist other Native American Indian Tribes enter the online lending business.

LDF Holdings Consulting Services will work across Indian Country to help promote economic development and job opportunities.

The new consulting business will help diversify our revenue stream as a subsidiary of LDF Holdings.  This is a significant development opportunity for Native American Tribes seeking new means of providing economic self-sustainability for future generations. Please share this information across your networks and contact me directly with questions at [email protected]

LDF Holdings Kemberlar Smith Discusses Online Lending Compliance

LDF Holdings Kemberlar Smith recently shared her experiences implementing a strong compliance program to help prevent and detect violations of rules, applicable laws and procedures. Attendees at ‘Leaders In Lending’ heard about how she works to protect LDF Holdings from fines, lawsuits and reputational damage by adhering to ethical and industry governing standards. For more information, please email [email protected]

NAFSA Legislative Outlook

Again this month, our friends at the Native American Financial Services Association in Washington, D.C. offer their Legislative Outlook to ensure we all continue to remain atop issues impacting our industry.

• Congressional Democrats and Kathy Kraninger, the director of the Consumer Financial Protection Bureau (CFPB), continue their fight over whether the CFPB has the authority to monitor lenders for compliance with the Military Lending Act (MLA). Kraninger urged Congress in January to pass HR 442, a legislative bill that would give the CFPB the authority to conduct exams. On March 5, Senate Democrats wrote a letter addressed to Kraninger saying that the CFPB already has the authority, and asked that she respond by March 8. This dispute appears far from over.

• Senator Merkley introduced the  SAFE Lending Acton March 5. This bill would require small dollar lenders to register with the CFPB and adhere to state usury caps when offering credit to consumers. The bill was introduced last year but never made it out of the Senate Banking Committee.

• The House Financial Services Committee has released a list of its March hearings , which included a hearing with Kraninger on March 7. The Senate Banking Committee held a hearing with Kraninger on March 12.

• The CFPB issued a Notice of Proposed Rulemaking (NPRM) that would extend the compliance date for the underwriting provisions of the Small-Dollar Rule by 15 months, from August 2019 to November 2020. Public comments on the NPRM are due no later than March 18.

NAFSA hosted their annual Tribal Lending Regulatory Workshop on March 14 where participants reviewed NAFSA’s Best Practices; heard the latest legislative and regulatory updates; and participated in group breakout sessions.