As part of its crackdown on deceptive payday lenders, the Federal Trade Commission ("FTC") has reached a partial settlement with the principal defendants in its case against the AMG Services payday lending operation.
The court found that payday lenders remain within the reach of federal law even if they are affiliated with American Indian tribes.
On July 16, 2013, U.S. Magistrate Judge V. Cam Ferenbach ruled that payday lenders that are affiliated with Native American tribes still are under the authority of the federal government and that FTC has authority to sue businesses that violate the Electronic Fund Transfer Act.
Magistrate Judge Finds Tribal Payday Lender Subject To FTC Act
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