TRIBAL FINANCIAL SERVICES REGULATORY AUTHORITY
MISSION STATEMENTS
To Safeguard the Tribe's Sovereignty and Right of Self-Governance through Self-Regulation
The primary mission of the Lac Vieux Desert Tribal Financial Services Regulatory Authority is to license, regulate, and supervise persons, firms, business entities, and associations furnishing consumer financial services while under the tribe's jurisdiction.
To Preserve and Develop the Tribe's Role in Providing Financial Services and To Promote Sustainable and Healthy Growth of Tribal Businesses
In the case of lending institutions and consumer financial services providers, the TFSRA charge is to charter, regulate, supervise, and safeguard the interest of shareholders, members, and consumers through on-site examinations, investigations, remedial action orders and trainings. A primary activity of the TFSRA is the supervision of lending institutions to determine and ensure their compliance with all applicable consumer protection laws, regulations and policies. The TFSRA has a duty to assist in the development of the financial services industry of the tribe for the benefit of its members and the community in all ways consistent with safe and sound business practices.
To Ensure Consumer Protection and Provide a Viable Mechanism for Consumer Dispute Resolution
In the case of persons or entities that provide financial services to the public, the requirement is that these persons or entities register with the TFSRA and that the Authority ensures credit is extended to consumer in terms that are fair and in compliance with all applicable consumer protection laws, regulations and policies.
WHAT WE DO
Consumer Complaints
As the regulatory authority for all Tribal Financial Service providers, as well as the Vendors and Contractors that assist Tribal Financial Service providers, the TFSRA strives to ensure that Tribal Financial Services are conducted fairly and according to the applicable laws. Concerned consumers may contact the TFSRA at any time for information and assistance.
Investigation
To ensure all Tribal Financial Services are conducted fairly, the TFSRA has the authority to investigate consumer complaints, as well as any Tribal Financial Service provider, Vendor, Contractor, or Employee
Licensing
The TFSRA is responsible to review license applications, as well as issue, revoke, suspend, and renew licenses for any Tribal Financial Services provider, Vendor, Contractor, or Employee.
Auditing
The TFSRA conducts routine audits of all Tribal Financial Service Providers to ensure full compliance with the Tribal Financial Services Regulatory Code and TFSRA Regulations, as well as all applicable federal laws and policy.
Regulation
The TFSRA has the authority to promulgate and enforce regulations to ensure the fair administration of Tribal Consumer Financial Services.
Prosecution
The TFSRA may conduct administrative hearings to allow consumers a fair and impartial forum to raise their concerns and complaints against Tribal Financial Service providers, as well as a forum to allow Tribal Financial Service providers, Vendors, Contractors, and Employees to contest regulatory actions.
Hearings
The TFSRA may conduct administrative hearings to allow consumers a fair and impartial forum to raise their concerns and complaints against Tribal Financial Service providers, as well as a forum to allow Tribal Financial Service providers, Vendors, Contractors, and Employees to contest regulatory actions.
LAW AND REGULATION
The Lac Vieux Desert Band of Lake Superior Chippewa Indians Tribal Council has enacted the Tribal Financial Services Regulatory Code, as amended, to ensure the legal operation of consumer financial services.
The TFSRA is authorized by the Code to promulgate rules and regulations to help implement and regulate Tribal Financial Services.
LVD Tribal Financial Services Regulatory Authority, P.O. Box 249 Watersmeet, MI 49969.
Andrea Russell (906) 358 4577 EXT: 4121