Manatt’s Richard Gottlieb, co-chair of the firm’s financial services group, was quoted by American Banker for an article on CFPB Acting Director Mick Mulvaney’s strategy in working with tribal lenders.
One of Mulvaney’s first actions as acting director was to voluntarily dismiss a lawsuit against Golden Valley Lending and three other payday lenders owned by the Habematolel Pomo of Upper Lake tribe. Some experts have said that dropping the case made sense, because the four lenders were not a front for another outside company.
“There is zero basis to attack legitimate tribal lending operations under existing law, and the lawsuit was frivolous in that regard,” said Gottlieb.
Read the article here.