Native American groups pledge support of short term loans

As states crack down on online short term lenders and other providers of nontraditional credit sources, the industry has turned to tribal land to continue its business practices free from state regulations. Some critics argue that these businesses are skirting important restrictions, but the Native American Fair Commerce Coalition (NAFCC) blasted such critics, particularly the Community Financial Services Association of America (CFSAA). The NAFCC, an organization of tribes and tribal members working to preserve the legal sovereign rights of Native American communities, argues that tribal land should be available for the same economic opportunities to companies outside of these areas. Online lending is a growing financial sector, particularly when it comes to short-term, nontraditional credit. The CFSAA's singling out of online short term lending businesses operating on tribal land is nothing short of discriminatory, adds the NAFCC. "We believe that those seeking to deny Native Americans of their business development and entrepreneuiral rights are on the wrong side of this issue, and on the wrong side of history," the NAFCC said. According to the 2010 U.S. Census, the most recent data available, more than 4.1 million American Indians are currently living in the country. More than 2.4 million of those Native Americans solely identify with that one race. Of the 314 Reservations in the U.S., only the Navajo Reservation had more than 100,000 American Indians as residents.