WASHINGTON (July 23, 2015) – The Online Lenders Alliance (OLA) has earned the 2015 American Society of Association Executive’s (ASAE) Power of A Silver Award for its “Look for the OLA Seal” Campaign, aimed at educating consumers on the importance of doing business with companies committed to the strictest best practices and protecting them from fraud.
The “Look for the OLA Seal” campaign employed digital advertising to direct consumers to a website to obtain important information and resources, tips and a copy of the OLA Best Practices. OLA also sent letters to members of Congress and consumer groups and met with federal regulators to educate them on the seal as part of greater fraud prevention efforts.
“Fraud is a major concern for our industry,” explained Lisa McGreevy, President and CEO of OLA. “I am proud that OLA members have been recognized for the work they have been doing to educate consumers on the importance of looking for the OLA seal when shopping for a loan online.”
The OLA seal can only be displayed by OLA members, who are required to comply with a 50-page set of best practices. As part of this campaign, OLA members funded a mystery shopper to ensure that all companies, not just OLA members, are treating customers appropriately. All instances of fraud are reported to the appropriate regulatory and enforcement agencies. OLA is also issuing cease-and-desist letters to any company that violates the OLA Best Practices. Eleven cease-and-desist letters have been sent as a result of the mystery shopper’s efforts. OLA is working with these companies, none of which were OLA members, to resolve their issues.
“Congratulations to OLA for helping make the world a better place,” said Hugh “Mac” Cannon, MPA, CAE, Executive Director of ACEC of Metropolitan Washington, and chair of the Power of A Awards Judging Committee. “Their story exemplifies how associations make a difference every day – not just to the industry or profession they represent, but to society at large.”
ASAE’s Power of A (association) Awards, the industry’s highest honor, recognize the association community’s valuable contributions on the local, national and global level. The Power of A Awards honor outstanding accomplishments of associations and industry professionals for their efforts to enrich lives, create a competitive workforce, prepare society for the future, drive innovation and make a better world.
The Online Lenders Alliance represents the growing industry of financial technology companies offering consumers small, short-term loans online. OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated.