Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc.
Enforcement, Small-Dollar Lending, Payday Loans
In April 2017, the CFPB sued “Golden Valley Lending, Silver Cloud Financial, Mountain Summit Financial and Majestic Lake Financial,” which are owned by the “Habematolel Pomo Tribe” in Northern California, for allegations that they “illegally took money from consumers’ bank accounts for debts that weren’t valid because loans violated state laws. [The CFPB] says the high-cost online loans, with annual interest rates from 440 percent to 950 percent, violated licensing requirements or interest-rate caps, or both, making them void in at least 17 states.” The tribe vowed to fight the suit, and they argued that the CFPB “has ignored the federal government’s legal relationship with tribal governments” noting that tribes “must be treated like a state.”
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