Oklahoma tribe is fined for online lending that is payday

Oklahoma tribe is fined for online lending that is payday

The top of this Red Rock-based Otoe-Missouria Tribe and two Web payday loan providers it owns have already been fined $1.5 million by banking regulators in Connecticut in making high-interest rate loans to residents here.

The Connecticut Department of Banking on Monday fined Tribal Chairman John Shotton $700,000 in making loans to Connecticut residents that violate caps on interest levels here. Continue reading “Oklahoma tribe is fined for online lending that is payday”