• OLA Applauds the “Sanctions with Teeth” in FTC Action against the Operators of Fraudulent Debt Collection Scheme

    WASHINGTON, September 16, 2015 – The Online Lenders Alliance (OLA) today praised the Federal Trade Commission’s (FTC) resolution of a complaint it filed against Broadway Global Master Inc. and In-Arabia Solutions Inc. which alleged that people working for the defendant “harassed consumers into paying a bogus debt.” According to the terms of the settlement, the […]

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  • 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.

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  • OLA Applauds Creation of Small Business Borrowers Bill of Rights

    August 6, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA), today praised small business lending leaders’ creation of the Small Business Borrowers Bill of Rights. “I applaud small business lenders’ dedication to transparency and fairness with the creation of the Small Business Borrowers Bill of Rights.  Companies like Fundera, Lending Club, and Lending Circle […]

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  • ASAE Honors OLA’s “Look for the OLA Seal” Campaign

    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 […]

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  • 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, […]

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  • OLA Praises FTC for Obtaining Money for Defrauded Consumers

    May 15, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA) today praised the Federal Trade Commission (FTC) for obtaining refunds for consumers defrauded in a phantom debt collection scam. “We applaud the FTC for securing refunds for consumers victimized by this fraudulent debt collector,” said Lisa McGreevy, President and CEO of OLA.  “OLA member […]

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  • OLA Releases Statement on the CFPB’s Small-Dollar Rule Proposal

    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 small-dollar rule proposal: “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.” The Online Lenders Alliance represents the growing industry […]

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  • Online Lenders Alliance Praises FTC Action Against Debt Relief Scammers

    February 24, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA) today praised the Federal Trade Commission’s (FTC) action against firms allegedly running a debt relief scam targeting short-term loan customers. “We applaud the FTC’s efforts to put fraudulent debt relief companies out of business.  The sole business interest of many of these companies is […]

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  • OLA Praises Rep. Leutkemeyer Legislation to Stop Operation Choke Point

    February 5, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA) praised Congressman Blaine Leutkemeyer’s (R-MO) reintroduction of his Financial Institution Customer Protection Act written to curtail the harmful effects of Operation Choke Point.  The bill would ensure that the policies outlined in last week’s FDIC Financial Institution Letter become law. “We appreciate Congressman Leutkemeyer’s […]

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  • FDIC Action is Critical First Step to Ending Operation Choke Point

    January 28, 2015 (Washington, D.C.) – The Online Lenders Alliance (OLA), today praised the Federal Deposit Insurance Corporation’s (FDIC) Financial Institution Letter further clarifying banks can continue to do business with legal online lenders. “The FDIC sent a clear message today that banks can do business with online lenders. This is important news for the millions of consumers who rely on us […]

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  • OLA Releases Statement on FTC’s Cases Against AMG Services and MNE Services

    Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement about the Federal Trade Commission’s (FTC) cases against AMG Services, Inc. and MNE Services, Inc.: “OLA and its member companies appreciate that these cases have been resolved, and recognize there are many lessons from this situation which will be […]

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  • OLA Praises Creation of Internet of Things Congressional Caucus

    Posted by: Kristen Tyagi January 13, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA), today praised the creation of the Congressional Caucus on the Internet of Things Caucus by Representatives Darrell Issa (R-CA) and Susan DelBene (D-WA).  “As leaders of innovation in online lending, OLA applauds Reps. Issa, DelBene, and their colleagues for their […]

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  • New Campaign Will Help Consumers Borrow Online with Confidence

    Posted by: Kristen Tyagi Effort will encourage consumers to ‘Look for the Seal’ when choosing a trustworthy online lender WASHINGTON, D.C. (December 8, 2014) —The Online Lenders Alliance (OLA) launched an initiative today aimed at educating consumers on the importance of choosing an online lender committed to protecting them from fraud. According to the Federal […]

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  • OLA Statement on OGR Report on FDIC and Operation Choke Point

    Posted by: Kristen Tyagi Statement from Lisa McGreevy, President and CEO, Online Lenders Alliance: “The report confirms what we’ve always suspected: government bureaucrats, lacking legal authority, were bullying banks into choking off legal businesses because they simply didn’t like the industry.  This indisputable evidence should be a wake up call to Congress.”

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  • OLA Member Alert: LoanReverse.com

    Please click on the link to read about the Member Alert sent out on July 18th, 2014 regarding LoanReverse.com OLA Member Alert: LoanReverse.com

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  • Online Lenders Alliance Applauds FTC Action Against Fraudulent Debt Collectors

    Posted by: Rachelle Grey July 1, 2014 (Washington, D.C.) — Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement praising the Federal Trade Commission’s (FTC) action against debt collector Williams Scott & Associates, LLC that attempted to collect debts from consumers that did not owe money. “We applaud FTC’s action […]

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  • OLA Statement : The U.S. Senate Banking Subcommittee Hearing on Alternative Financial Produc

    Posted by: Liz Jones March 26, 2013 (Washington, D.C.) — The Online Lenders Alliance (OLA) today issued the following statement regarding the United States Senate Banking, Housing, & Urban Affairs Subcommittee hearing titled “Are Alternative Financial Products Serving Consumers?”: “Consumers need more choices to meet their diverse credit challenges. Congress must create a market environment […]

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  • Banks and Nonbanks Must Meet Needs of Underbanked and Unbanked Populations

    Posted by: Liz Jones Online Lenders Alliance member companies continue to respond to growing demand December 13, 2012 (Washington, D.C.) — The Federal Deposit Insurance Corporation (FDIC) today released the results of its 2011 FDIC Survey of Banks’ Efforts to Serve the Unbanked and Underbanked, highlighting both strengths and weaknesses in their ability to meet […]

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  • OLA Applauds FTC’s Action Against Phony Debt Collection Companies

    Posted by: Jeff Brownlee October 24, 2013 (Washington, D.C.) – Lisa McGreevy, President & CEO of the Online Lenders Alliance (OLA) today issued the following statement applauding the Federal Trade Commission (FTC) for its action against fraudulent debt collection companies who were illegally targeting consumers. “We commend the FTC today for their action against phantom […]

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  • OLA Applauds FDIC’s Confirmation that Banks Can Process Payments for Online Lenders

    Posted by: Jeff Brownlee September 27, 2013 (Washington, D.C.) – Lisa McGreevy, President & CEO of the Online Lenders Alliance (OLA) today issued the following statement commending the Federal Deposit Insurance Corporation (FDIC) for publishing a Financial Institution Letter confirming that banks can continue to process transactions between online lenders and consumers. “We applaud the […]

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