• Letter to Commissioner – Virginia Bureau of Financial Institutions

    The Online Lenders Alliance is participating in the Legislative Working Group on modernizing the Virginia code for consumer finance. The working group is part of the Bureau of Financial Institutions (BFI), a regulatory division of the Virginia State Corporation Commission (SCC.) This division is involved in consumer protection through the administration of state laws regarding […]

    Continue reading
  • OLA Responds to CFPB RFI on Use of Alternative Data

    On May 19th, OLA submitted a comment letter to the CFPB in response to an RFI issued by the agency in February. OLA members have been leaders in the alternative data field, building new and innovative models to assist in broadening the availability of capital to consumers. The letter focused on a broad range of topics […]

    Continue reading
  • OLA Opposes California AB 784 Limiting Consumer Credit Options

    The Online Lenders Alliance sent a letter to Members of the California Assembly Apparitions Committee expressing strong opposition to AB 784. This legislation seeks to impose an interest rate cap for consumer loans between $300 and $5,000, greatly limiting an important source of funds for millions of underbanked consumers in California. If enacted, AB 784 […]

    Continue reading
  • OLA Opposes California Interest Rate Cap Bill – AB 11109

    The Online Lenders Alliance expressed strong opposition to AB 1109. This legislation seeks to impose an interest rate cap for consumer loans between $2,500 and $10,000, greatly limiting an important source of capital for non-prime consumers in California. If enacted, AB 1109 will negatively affect consumers who are legitimately searching for fast and convenient credit, […]

    Continue reading
  • OLA Submits Letter Opposing Maryland SB 527/HB 1270

    The Online Lenders Alliance expressed strong opposition to SB 527/HB 1270 and requested that the bills be vetoed. One of the many benefits that online lenders provide is the flexibility to use varying terms and conditions to offer consumers capital. Should SB527/ HB1270 become law and establish a combined fees and interest rate cap of […]

    Continue reading
  • April is Financial Literacy Month!

    April is Financial Literacy Month and we at the Online Lenders Alliance believe that the best borrower is an informed borrower, especially when it comes to shopping for an online loan. In addition to our consumer resources and OLA Hotline, we developed these tips so consumers can protect themselves against fraud and have a more informed […]

    Continue reading
  • OLA Letter to Google regarding AdWords Financial Services Policy

      Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), sent a letter to Google’s Senior VP & General Counsel in regards to the Ad Words Financial Services Policy update in July 2016. OLA and our Members believe that the terms of the policy cause harm by preventing consumers who are legitimately searching […]

    Continue reading
  • OLA’s Letter in Support of CA Senate Bill 297

    OLA expressed its support of Senate Bill 297 by sending a letter to Senator Dodd, Chair of the Senate Banking and Financial Institutions Committee. OLA represents the growing industry of innovative companies that develop and deploy financial technology which include proprietary and innovative underwriting methods, data analytics, and non-traditional delivery channels to offer online consumer loans […]

    Continue reading
  • OLA COMMENTS ON FTC ACTION AGAINST JOEL TUCKER

    WASHINGTON, January 9th 2017 – Recently, The FTC filed a Complaint against Joel Tucker in federal court in Kansas. In commenting on the action Lisa McGreevy President and CEO of the Online lenders Alliance stated: “The members of the Online Lenders Alliance are committed to ensuring customers have fair, transparent access to the credit they […]

    Continue reading
  • LA Times: Trade group promises stricter scrutiny of payday loan ads

    OLA was featured in the Los Angeles Times focusing on our efforts to monitor fraudulent activity in Online Lending. Trade group promises stricter scrutiny of payday loan ads By: James Rufus Koren A trade group for online payday lenders has started to comb the Internet for sites making misleading claims, part of an  effort to clean […]

    Continue reading
  • OLA Releases Statement In Response To The CFPB’s Small Dollar Lending Rule

    Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the CFPB’s Small Dollar Lending Rule: “At a time when consumers are demanding choices for flexible, responsible credit products, we’re very concerned that this initial proposal could severely restrict their options. This proposal is complex and we are concerned that […]

    Continue reading
  • OLA Releases Statement In Response To Google’s New Advertising Policy

    Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to Google’s decision to ban advertisements from online lenders: “It’s disappointing that a site created to help give users full access to information is making arbitrary choices on the advertisements users are allowed to see from legal businesses. […]

    Continue reading
  • OLA Releases Statement In Response To US Treasury Department Report On Marketplace Lending

    Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the U.S. Treasury Department Report On Marketplace Lending: “The report released today by the Department of Treasury recognizes that there is a strong demand among consumers and businesses for online loans. What we need is a […]

    Continue reading
  • OLA Releases Statement In Response To CFPB Online Loan Payment Study

    Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the Consumer Financial Protection Bureau’s Online Loan Payment Study: “Bank account overdrafts are a lose-lose for online lenders and their customers. It is in the customers best interests as well as the lenders best interest for […]

    Continue reading
  • OLA Submits Comment Letter To CFPB Regarding Small Dollar Lending Rule

    In March 2015, the Consumer Financial Protection Bureau announced its intention to make rules regulating the market for payday, vehicle title and similar loans. OLA submitted a letter for the record. You can view it by clicking here.

    Continue reading
  • Online Lenders Alliance Praises FTC Action Against Lenders That Intentionally Defrauded Consumers

    WASHINGTON, July 8, 2015 — The Online Lenders Alliance (OLA), today praised the Federal Trade Commission’s (FTC) action against a group of online lenders accused of funding loans that consumers never approved then making unauthorized debits from their bank accounts. “Online lenders that defraud consumers should be prosecuted and put out of business,” said Lisa McGreevy, […]

    Continue reading
  • OLA Praises FTC, CFPB Action Against Lenders That Intentionally Defrauded Consumers

    Posted by: Lizzy Provow OLA Praises FTC action against Lenders PDF

    Continue reading
  • Examining the Future of Online Lending

    Cheklist Magazine Examining the Future of Online Lending PDF

    Continue reading
  • Online Lending Helps Meet Short-Term Loan Needs

    Posted by: Jeff Brownlee Lisa McGreevy November 1, 2013 US News & World Report A recent op-ed by Tom Feltner titled, “The Dangers of Online Lending” [Oct. 22], is another attempt by so-called consumer groups to vilify the online lending industry without offering a single, credible alternative for more than 60 million middle-class working Americans […]

    Continue reading
  • Cheat Sheet: Online Lenders’ Legal Minefield

    Posted by: Jeff Brownlee Kevin Wack and Joe Adler October 1, 2013 American Banker Not all online lenders are the same. That’s perhaps the simplest way to summarize the head-spinning array of businesses that are currently making consumer loans over the Internet. There are firms that are clearly operating within the boundaries of the law, […]

    Continue reading