Stay Informed!

By Sean Luechtefeld on 11/16/2011 @ 11:30 AM

Tags: Economic Inclusion

Last week, CFED Board Member and Four Bands Executive Director Tanya Fiddler issued a comment on an opinion piece published by Huffington Post on October 31.

The piece, which you can read here, slams the Obama administration’s heavy regulation of the financial services industry and argues that the “sole enclaves” of banking choice exist on Native reservations where financial institutions are exempt from federal banking regulations. “Sovereign lending,” according Bruce Fein (author of the article and Senior Advisor to the Ron Paul 2012 Campaign), could also come under fire if the Consumer Financial Protection Bureau wants to “build a better mousetrap.”

Is it really sovereign lending, though? Fiddler would say no, arguing that to assume Native lending outlets are strong because they’re unregulated is misleading. Native lenders are strong because they uphold the virtues of long-term financial security rather than promoting short-term fixes to financial issues that invite the use of fringe financial services that are often predatory and always expensive.

Perhaps naysayers like Fein would benefit from criticizing the lack of virtue among certain financial institutions, rather than slamming the consumer protections that only get implemented to offset the negative effects of predatory lending practices.

EDITOR’S NOTE: Special thanks to Tanya for sharing her comment at Huffington Post and with us here at CFED!

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