Economy
As part of its economic development, the tribe started a business "Plain Green Loans," for online lending to Native Americans who are underserved by the lack of banks on many reservations. Critics such as Delvin Cree (Turtle Mountain Chippewa), a reporter with the The Tribal Independent, wrote in an Opinion piece on Indianz.com that the tribe's practices of high-interest, short-term lending are generally classified as predatory lending. Such loans can result in annualized interest rates as high as 360 percent. Because the Chippewa Cree Tribe is a sovereign nation which enjoys tribal immunity, it is not subject to state laws which seek to prevent usury by regulating high-interest lending.
Read more about this topic: Chippewa Cree
Famous quotes containing the word economy:
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