Native American Tribes throughout our nation have been economically impacted more than of the rest of the U.S. with some unemployment rates of up to 80% according to an article released by the Native American Financial Services in June of 2012.
In light of these economic woes, the creation of Native American Financial Services (NAFSA) was founded this year to help foster responsible financial services and improve the lives of impoverished Native American inhabited areas of the country.
In particular the development of tribally owned short term financial services is an essential part in protecting the sovereign immunity, the growth of the economic condition in Native American lands and is fundamental to those underbanked living in Indian Country.
The self-regulated NAFSA was formed from the merger of the Native American Lending Alliance (NALA) and the Native American Fair Commerce Coalition (NAFCC). The merger brings together two strong organizations that ensure best practices are followed by participating member tribes who provide consumers with the quality alternative financial service products.
Immediately following the merger, Bruce Sunchild, Chairman of the Chippewa-Cree Tribe of Rocky Boy, Montana was elected to lead the organization. The entire board is represented by a distinguished group of nationwide tribal leaders. Future meetings in Washington D.C. are scheduled.
In February 2012 a court decision in Colorado (Colorado vs. Cash Advance) and again in a May 2012 California court decision both supported sovereign immunity for tribes within the alternative financial services industry upheld Native American’s right to sustain commerce using the internet without interference from State or Federal regulators. According to Barry Brandon, Executive Director of the NAFSA and member of Muscogee (Creek) Nation prior to the formation of NAFSA “This decision further codifies that sovereign immunity extends to off-reservation, for-profit commercial activities, so long as the entity engaged in the off-reservation activity is an arm of the tribe–created by the tribal council with supporting tribal laws, as is required by the Native American Lending Alliance (NALA) best practices.”
Decreasing the dependence of the federal government is crucial to improving economic conditions throughout Tribal communities, particularly in remote areas where Tribes don’t have the opportunity of traditional construction and gaming industries to bolster the job market.
We believe Swapagift.com and our CPT product line is a perfect fit way to support the NAFSA efforts to help drive Indian Country financial freedom. Swapagift.com is a leader in the secondary gift card market offering customers wishing to sell their unwanted gift cards for cash. In addition, the new Clean Profitable Transaction (CPT) product line is designed to enhance savings to the customers and create added revenue opportunities to participating businesses through the online sale of a famous brand discounted gift cards and online coupons.
We look forward to building relationships together with Native Americans, interested in expanding their service offerings and providing extra savings to families on Indian nations across the country.